ECB QE Monitor - February 2021

Tuesday 09 February 2021

Research / Market

  • In January, the ECB bought €53bn under the PEPP and €17.9bn under the APP.
  • The ECB's balance sheet is now equivalent to 61% of euro area GDP compared to 39% at the start of 2020.
  • PEPP:
    • Pandemic bond-buying program was raised by €500bn euros to a total of €1,850 billion and extended by nine months to at least the end of March 2022.
    • The ECB already used up around €810bn or 43% of its €1.85tn PEPP envelope.
    • The pace of PEPP purchases in January was stable compared to the last 3 months and remained around € 50/60 billion.
    • The ECB also published the bi-monthly detailed split for PEPP(Dec.2020-Jan.2021 at this release).

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