The ECB’s new balance sheet approach

Following the November Governing Council policy meeting, the ECB highlighted upfront in its introductory statement to the press conference that its asset purchase programmes (for asset-backed securities (ABSPP) and covered bonds (CBPP3)), together with the series of targeted longer-term refinancing operations (TLTROs), will have a sizable effect on the ECB balance sheet, which is expected to move towards the dimensions it had at the beginning of 2012.

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