Monitoring the expansion of the ECB’s balance sheet (December 2015)

In December, the asset purchasing programme failed to reach its monthly target of EUR60bn, and came in at EUR50.2bn. In spite of this decline in purchases, this allowed the average since the programme began in March 2015 to reach EUR60bn. The ECB opened the door to more measures in March, although the ECB’s room for manoeuvre is increasingly limited

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