The programme aims to maintain market neutrality by purchasing assets across the whole maturity spectrum between two and 30 years. The purchases are allocated across countries according to the ECB’s capital key and any losses emanating from the programmes would be shared between the national central banks and the ECB in an 80%/20% ratio.
The effects of the measures have to be assessed jointly and taking into consideration that some of the measures started to produce results before the decisions were actually taken.