The programme will amount to a total of € trillion in asset purchases carried out from March 2015 until September 2016. (b) Loss-sharing is reserved for those purchases that are carried out by the ECB, accounting for 20% of the total purchases. The remaining 80% of all purchases – i.e. purchases made by NCBs – will not be subject to loss-sharing.
Given the global nature of the financial system, international consultation and cooperation on actions to address the crisis are important for restoring confidence and stability. These measures were announced less than a week ago, and, although there have been some encouraging signs, it is too early to assess their full effects.