Monetary policy purchase programmes are regarded as non-standard monetary policy measures in the euro area. Since the financial crisis of 2007, the European Central Bank (ECB) has had to employ non-standard instruments in an increasingly sustained manner and on a growing scale, bringing the Eurosystem’s holdings to almost €5,000 billion for a time. The operational implementation of the purchases is largely carried out by the national central banks – by the Bundesbank in Germany. After the purchases under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP) were discontinued at the end of 2024, these programmes entered their passive phase. Now might be a good time to review these special measures.

Contents 

• Asset purchase programmes as a monetary policy instrument
  Overview of the development of this non-standard measure within the euro area monetary policy framework
• Economic impact
  How monetary policy purchases influence the economy
• Practical implementation and challenges
  The challenges involved in implementing monetary policy measures at the European and national level and how the Bundesbank steps up to them

Experts 

Philipp Kloos works as a portfolio manager and analyst at the Bundesbank. He oversaw the covered bond purchase program 3 (CBPP3) and the public sector purchase programme (PSPP). In addition, he and his team prepare policy questions regarding the operational implementation of the purchase programmes and prepare evaluations for the relevant markets. After a day’s work in the volatile financial market, he mainly turns his attention to his no less lively children. He likes to drink his coffee sweet in the form of a macchiato. 

As a trader, Marc Lobindzus works directly on the implementation of the purchase programmes and conducts the purchases. Along with his team, he is still active in other roles in the financial markets for the Bundesbank. For example, the Bundesbank manages pension provisions for public institutions as a portfolio manager and ensures liquidity in the form of government bonds on the regional stock exchanges in Germany. He prefers to swap his coffee for a hot chocolate or a tea.

Participation 

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