Research Briefing
| Apr 25, 2022
Government debt issuance set to dwarf ECB reinvestments
Reinvestments from the ECB’s asset purchase programmes, a key monetary policy instrument going forward, could offer important support for smaller periphery sovereigns, but not much for Italy or Spain.
What you will learn:
- We expect net asset purchases under the ECB’s asset purchases programmes to end by July.
- This will be a major change after seven years during which the ECB bought more sovereign debt than governments issued, becoming the most important player in the sovereign bond market.
- The potency of reinvestments to prevent an unsustainable rise in spreads within the eurozone can be bolstered in two ways.
Tags:
Related Services

Service
European Macro Service
A complete service to help executives track, analyse and react to macro events and future trends for the European region.
Find Out More
Service
Global Economic Model
Our Global Economic Model provides a rigorous and consistent structure for forecasting and testing scenarios.
Find Out More