In 2022, growth in the TARGET2 claim on the ECB came almost to a standstill. The increase amounts to € billion, and the claim as at the reporting date came to a total of € billion, which is very close to the record level of € billion recorded on 29 December 2022.
(2019), “Tracing the impact of the ECB’s asset purchase programme on the yield curve”, Working Paper Series, No 2293, ECB.Notes: The chart shows the impact of the APP through the duration channel on the term premium component of the ten-year sovereign bond yield (averaged across the four largest euro area countries) over the events cited in the chart legend.