Monitoring the expansion of the ECB balance sheet (July 2016)

In July, the asset purchase programme (APP) exceeded the monthly objective of €80 billion, with €80.6 billion being acquired. In July, the ECB kept monetary policy unchanged, although it said it needs more time to re-evaluate the degree of flexibility of it. It is very likely that the ECB will take some additional steps in September, but not radical measures.

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