ECB begins cautious taper while holding rates

Elliot Gulliver-Needham
clock • 2 min read
ECB begins cautious taper while holding rates

The European Central Bank has begun withdrawing its €70bn Pandemic Emergency Purchase Programme (PEPP), reducing it in the first quarter of next year and ending it by March 2022. While the central bank will begin tapering, much of the impact will be offset by doubling the Asset Purchase Programme (APP) to €40bn in Q2 next year, due to increasing uncertainty around the omicron variant. This will be reduced to €30bn in Q3 and return to the current €20bn in Q4. Furthermore, the reinvestmen...

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