The implementation of the ECB’s corporate sector purchase programme (CSPP) is described in the ECB Economic Bulletin article   ”, Issue 4/2017. “  The ECB’s corporate sector purchase programme: its implementation and  impact  16. The ECB portfolio is estimated using data from the ECB Securities Holdings Statistics data as of December 2017.
The valid elements of the case against a “fixed but adjustable” regime are two-fold: •  that the fixed element may have encouraged borrowers to be too confident in taking out foreign-exchange-denominated loans;  •  that when pressure came on the exchange rate, it created the same incentives which drive bank runs - the one-way bet which makes rational investors close out their position ahead of a possible collapse, and creates the incentive on the part of the authorities to defend the status quo to avoid triggering the run.