- ECB QE Monitor - July 2021
ECB QE Monitor - July 2021
Friday 09 July 2021
Research / Market
The ECB's balance sheet is now equivalent to 65% of euro area GDP compared to 39% at the start of 2020.
- ECB PEPP & APP: pace of purchases is stable
- In June, total net purchase pace was around €101bn, the same as in May, which is in line with our forecasts of €90-100bn/month.
- PEPP: pace of monthly purchases remains stable at €80bn in June, identical to the purchases in May, bringing the total purchases under PEPP to €1185bn out €1850bn envelope that could be used until end of March 2022.
- APP: the pace of purchases is also stable with € 20.6bn in June vs. € 20.1bn in may, in line with the target pace of €20bn/month. The Monthly APP data shows a 65% allocation to the PSPP, which is below the 2020 average of 75%.
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