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ECB QE Monitor – April 11, 2018


The Eurosystem started its QE in March 2015.

The five main episodes have been:


  • March 9 2015 (decision to purchase €60 bn of assets per month until Sept. 2016),
  • December 3 2015 (decision to extend the QE it until March 2017),
  • March 10 2016 (decision to increase monthly purchases from €60 bn to €80 bn from April 2016)
  • December 8 2016 (decision to extend the QE until December 2017 at a reduced monthly pace of €60bn).
  • October 26 2017 (decision to extend the QE until September 2018 at a reduced monthly pace of €30bn)





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Key points for this month:

  • Net APP purchases in March: €30.9bn
  • PSPP monthly share of QE hit a new low. The PSPP has been cut more in 2018 than the CSPP.
    • ECB’s guidance: the private sector programme would remain sizable
    • Increase in Eur non-financial issuance in March
    • PSPP redemptions were lower in March than in February (€3.9bn vs. €6.3bn)
  • Capital key deviation.
    • Spain recorded the highest capital key deviation in its favour since the beginning of the PSPP.
  • Redemptions coming in April:
    • PSPP redemptions are estimated at €22.6bn (a record in 2018).
    • CSPP redemptions remains very limited



Amundi Research
April 11, 2018

ITHURBIDE Philippe , Senior Economic Advisor
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ECB QE Monitor – April 11, 2018
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