In a sign of further normalisation of its monetary policy, the European Central Bank unveiled, on Thursday 15 December, how it intends to reduce, “at a measured and predictable pace”, its stock of securities accumulated under the asset purchase programme (APP).
From the beginning of March 2023, assets acquired under the APP and maturing securities will not be fully reinvested. “This decrease will amount to 15 billion euros per month on average until the end of the second quarter of...