APP vs PEPP: Similar, But With Different Rationales

Christophe Blot (1) , Jérôme Creel (1) , Paul Hubert (1)

1 OFCE - Observatoire français des conjonctures économiques (Sciences Po)

ECB’s asset purchase programmes have been implemented at different times in different economic environments and may pursue different objectives. From the point of view of removing financial fragmentation and taming sovereign stress in the euro area, the PEPP has been successful so far. Moreover, this outcome was obtained without fully using its potential resources. To date and contingent on the available set of information, the current monetary stance has not gone too far and it retains some ammunitions. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Mots clés: APP; PEPP; ECB’s asset purchase programmes

Domaines: Economies et finances

Christophe Blot, Jérôme Creel, Paul Hubert. APP vs PEPP: Similar, But With Different Rationales. 2020. ⟨hal-03242368⟩