Here they are. The deviations from capital keys in the ECB PEPP, between March and May 2020.
And the winner is... Italy (no prize for that).
And the loser is... France.
(1/n)
And the winner is... Italy (no prize for that).
And the loser is... France.
(1/n)
With €37.4bn in BTP purchases, Italy's share stands at 21.6%, above the capital key of 17.0% although not massively so, as I suspected.
Caveat: I'm always applying the capital keys to the total of sovereign debt purchases, i.e. public debt excluding Supranational debt. (2/n)
Caveat: I'm always applying the capital keys to the total of sovereign debt purchases, i.e. public debt excluding Supranational debt. (2/n)
Here are the deviations from capital keys in % of the total of PEPP sovereign bond purchases. (3/n)
And here is the comparison between ECB capital keys and the country shares in the PEPP, between March and May 2020.
Italy and France really stand out - looks like the latter was used as an adjustment variable although it could be reversed in the coming months. (4/4)
Italy and France really stand out - looks like the latter was used as an adjustment variable although it could be reversed in the coming months. (4/4)
