ECB economists highlight smooth quantitative tightening

Foreign investors are largest euro area securities holders, but households are buying more


The eurozone bond market is so far managing to absorb a larger supply of bonds, as the European Central Bank (ECB) executes a multi-trillion euro reduction in its bond holdings, its economists say in a blogpost.

The Eurosystem balance sheet has declined by around €2 trillion ($2.2 trillion) since mid-2022, through a mixture of passive quantitative tightening (QT) and the end of ECB liquidity support.

In explaining the smooth tightening process, the ECB blog emphasises the role of timely

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