Dedola and co-authors (2016) document the effectiveness of our balance sheet policies on the exchange rate and their transmission to prices and economic activity in a careful empirical analysis. It is notable that the authors find significant exchange rate effects predominantly emanating from a reduction in international financial distortions achieved by our liquidity policies.
It is an open question whether their results will change were they to redo their exercise in a follow-up study for APP-related balance sheet changes. For this exercise to be feasible, further data points are however needed. The Outright Monetary Transactions Programme By mid-2012, the global financial crisis had morphed into a sovereign debt crisis in the euro area.