Asset purchase programme

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Monetary policy.


1. European Central Bank (ECB).

The ECB's asset purchase programme was similar to quantitative easing in other jurisdictions.

The APP's main purpose was to prevent deflation, and support meeting the ECB's inflation target, during a period when inflation was lower than the target figure.

The APP comprised the third covered bond purchase programme (CBPP3, launched in 2014), the asset-backed securities purchase programme (ABSPP, launched in 2014), the public sector purchase programme (PSPP, launched in 2015) and the corporate sector purchase programme (CSPP, launched in 2016).

APP net asset purchases involved a total amount of €2.6 trillion in the period ended December 2018.

The APP was suspended at the end of 2018, and resumed in November 2019.

In 2022 it began a process of winding down its operations, although it can be revived again in future as needed.


Similar activities undertaken by other central banks.

See also