Monitoring ECB balance sheet expansion (July 2015)

In July, the purchase programme involving both public and private assets slightly surpassed the stated monthly target of EUR60bn, with EUR61.3bn of assets acquired and still a clear bias in favour of purchasing public bonds (80%). There was no let-up in purchasing in the month as a result of a summer lull in issuance, as some members of the ECB had been expecting.

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