ECB asset purchases to boost the balance sheet by €1trn by the end of 2016

A first set of indicators focuses on the actual tools deployed by the ECB, i.e, asset purchases and their impact on the balance sheet of the Eurosystem. 

The GC considered that the introduction of the PSPP presented in January 2015 and actually started in March 2015 was motivated, among other things, by the disappointing quantitative results of previous monetary policy measures.

Therefore it decided to fix ambitious target for monthly asset purchases of €60bn, adding government bonds and securities issued by some national agencies and international institutions. 

"The size of the balance sheet of the Eurosystem, is compared with a monthly target consistent with a gradual and regular increase towards €3trn by Q4 16", says Barclays.

The average monthly increase of public assets since the start of QE, as well as the rise in total assets, is to be compared respectively with €45bn and €60bn.