ECB's Coeure: APP has remained a considerable source of financial easing

"There is convincing evidence that supports the view that the app has remained a considerable source of financial easing also after the end of net purchases," European Central Bank Governing Council member Benoit Coeure said in a recently delivered speech.

Key quotes (via Reuters)

• In some countries, like France and Italy, reinvestments as a share of total gross issuance are expected to rise in 2020.
• I would argue that the effects of asset purchases are highly persistent, and that they have affected recent pricing dynamics.
• The stock effect of our purchases will continue to be significant.