ECB ups Pepp as data shows focus on Italy, Germany, Spain but not France
The ECB published its first release of the data showing its purchases under its Pandemic Emergency Purchase Programme (Pepp) on Tuesday, shortly before adding €600bn to the scheme on Thursday. The central bank revealed that it has bought proportionately much less French government debt than the bonds of Italy, Germany and Spain.
The ECB governing council announced on Thursday a €600bn expansion of the Pepp, taking it to €1.35tr. If the present pace of buying is maintained, this extends the programme’s potential lifespan from October to February 2021.
However, ECB president Christine Lagarde highlighted that the buying has been front-loaded.