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ECB QE Monitor – June 06, 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 May amounted to €31.6bn up from 30.6 in April.


  •  Monthly purchases: €24.2bn (€23.6bn in April)
  • PSPP monthly share of QE was at 77% in line with April. The share of PSPP has declined in 2018.
  • As of 1 June 2018, the Eurosytem had bought €1,991bn of bonds under the PSPP.


  • Monthly purchase: €5.0bn (€3.1bn in April)
  • CSPP monthly share of CSPP was at 16% above April. The share of CSPP has increased in2018.
  • As of 1 June 2018, the Eurosytem had bought €157bn of Corporate bonds under the CSPP.

· Capital key deviation.

  • In May, PSPP purchases were significantly above the capital key in Germany and below thecapital key in Italy.
  • This unusual distortion could be explained by the strong redemptions recorded in April. “Thefirst PSPP redemptions occurred in March 2017 and principal payments on the securities purchased will be reinvested as they mature. Principal redemptions on securities purchased under the PSPP are reinvested by the Eurosystem in a flexible and timely manner in the month they fall due, on a best effort  basis, or in the subsequent two months, if warranted by market liquidity conditions.


Amundi Research
June 06, 2018

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ECB QE Monitor – June 06, 2018
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