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5th Jul 2022 14:39Eurozone, Daily Monitor

The ECB did not use its entire PEPP envelope and diverged from the capital key also in the APP.

Reinvestments will be used flexibly to cap spreads; rumours suggest cross-country purchases started.

Our estimates point to a maximum of €10B worth of PEPP reinvestments for BTPs; that’s not enough.

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btp ECB eu governing council italy June liquidity March monetary policy policy qe sovereign bonds

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Keywords for: How Much Flexibility Does the ECB Have on PEPP Reinvestments?

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