ECB QE Monitor – September 2020

The ECB’s balance sheet is now equivalent to 54% of euro area GDP compared to 39% at the start of the year.

In August, the ECB reduces its purchases to €59bn on PEPP and €19bn on APP. This slowdown could be explained by the summer seasonality.

PEPP: the total net purchases under PEPP amount to €500bn since the launch of the program in March, out of an €1350bn envelope that could be used until end of June 2021. No granular details for PEPP were available in this release, as details on the PEPP composition (private/public or jurisdiction) are published on a bimonthly basis and the next one will be in early October.

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