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Taking stock, two years after the launch of the PEPP
[Deux ans après son lancement, quel bilan pour le PEPP ?]

Author

Listed:
  • Hadrien Camatte
  • Théophile Legrand
  • Aster Recoules

Abstract

Net asset purchases by the Eurosystem under the Pandemic Emergency Purchase Programme (PEPP) were discontinued at the end of March 2022, two years after its launch. This programme successfully prevented the fragmentation of the euro area sovereign debt market in response to the Covid-19 pandemic and will continue to preserve the transmission of monetary policy through flexible reinvestment. Les achats nets de titres par l’Eurosystème dans le cadre du PEPP (Pandemic Emergency Purchase Programme) se sont arrêtés fin mars 2022, deux ans après le lancement. Ce programme a permis de contrer la fragmentation du marché des dettes souveraines dans la zone euro face à la pandémie de Covid-19 et continuera à préserver la transmission de la politique monétaire via la flexibilité dans les réinvestissements.

Suggested Citation

Handle: RePEc:bfr:econot:276
as

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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/taking-stock-two-years-after-launch-pepp
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/deux-ans-apres-son-lancement-quel-bilan-pour-le-pepp
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