ECB’s Coeure: APP has remained a considerable source of financial easing

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“There is convincing evidence that supports the view that the app has remained a considerable source of financial easing also after the end of net purchases,” European Central Bank Governing Council member Benoit Coeure said in a recently delivered speech.

Key quotes (via Reuters)

  • In some countries, like France and Italy, reinvestments as a share of total gross issuance are expected to rise in 2020.
  • I would argue that the effects of asset purchases are highly persistent, and that they have affected recent pricing dynamics.
  • The stock effect of our purchases will continue to be significant.
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