Belke, Ansgar; Gros, Daniel - 2019
The asset purchase program of the Euro area, active between 2015 and 2018, constitutes an interesting special case of … Quantitative Easing (QE) because the ECB's (Public Sector Purchase Program) PSPP program involved the purchase of the bonds of … peripheral Euro area governments, which were clearly not riskless. Moreover, these purchases were undertaken by national central …