Finally, I will argue that a smooth implementation of the PSPP does not mean rewriting the rules whenever compliance would impose any kind of restrictions. 2 Ensuring a smooth implementation of the PSPP 2.1 Achieving the intended monthly purchase volume So let’s start with the first of two important elements of a smooth implementation of the PSPP: achieving the intended monthly purchase volume.
The PSPP purchase volume has been very substantial since the inception of the Eurosystem’s asset purchase programme (APP). At present, overall Eurosystem holdings under the APP amount to about 2.2 trillion euro at amortised cost. PSPP holdings amount to 1.8 trillion euro. This means that the PSPP holds a share of about 80 per cent in the APP.