The European Central Bank (ECB) currently has a €4.6trn balance sheet and €1.9trn in excess liquidity following the quantitative easing (QE) that it began in March 2015, writes Pieter Jansen, senior strategist - multi-asset at NN Investment Partners.
It is soon to start normalising its balance sheet, probably in 2021-22 and finishing between 2023 and 2026. So what are the implications for the eurozone's bond market over the coming years? We anticipate...
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