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%.

Read more

Other news