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The end of net asset purchases does not put a stop to quantitative easing
[L’arrêt des achats nets d’actifs ne met pas fin au quantitative easing]

Author

Listed:
  • Hervé Le Bihan
  • Jean Dalbard
  • Raphaël Vives

Abstract

At its meeting of 13 December 2018, the ECB Governing Council confirmed that it would stop the net asset purchase programme begun in late 2014 at the end of this year. Quantitative easing nonetheless remains in place: it depends primarily on the stock of assets held by the Eurosystem rather than on the flow of purchases. This stock will remain unchanged for as long as the Eurosystem continues to reinvest the proceeds from maturing securities. Le Conseil des gouverneurs de la BCE a confirmé lors de sa réunion du 13 décembre 2018 l’arrêt, à la fin de l’année, des achats nets d’actifs, débutés à la fin 2014. L’assouplissement quantitatif se poursuit cependant : il dépend principalement non des flux d’achats mais du stock d’actifs détenu par l’Eurosystème. Ce dernier restera inchangé tant que se poursuivra le réinvestissement des tombées de titres arrivant à maturité.

Suggested Citation

  • Hervé Le Bihan & Jean Dalbard & Raphaël Vives, 2018. "The end of net asset purchases does not put a stop to quantitative easing [L’arrêt des achats nets d’actifs ne met pas fin au quantitative easing]," Eco Notepad (in progress) 95, Banque de France.
    • Handle: RePEc:bfr:econot:95
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