European Central Bank policy actions during the financial crisis and recovery (2011–2024)

1. ECB announces two 36‑month LTROs

   Dec 8, 2011Labels: ECB, LTRO

   • ECB

2. First 3‑year LTRO allotment (€489.2bn)

   Dec 21, 2011Labels: First LTRO, ECB

   • CNBC
   • Forbes

3. Second 3‑year LTRO allotment (€529.5bn)

   Feb 29, 2012Labels: Second LTRO, ECB

   • CBS AP
   • Forbes

4. Draghi delivers “whatever it takes” pledge

   Jul 26, 2012Labels: Mario Draghi, London speech

   • Forbes
   • EuropaWire

5. ECB approves Outright Monetary Transactions framework

   Sep 6, 2012Labels: OMT, ECB

   • ECB

6. ECB introduces explicit forward guidance

   Jul 4, 2013Labels: Forward guidance, ECB

   • ECB
   • ECB

7. ECB sets negative deposit facility rate

   Jun 5, 2014Labels: Negative rate, Deposit facility

   • ECB

8. ECB details new TLTRO programme

   Jul 3, 2014Labels: TLTRO, ECB

   • ECB
   • EUR Lex

9. ECB announces expanded Asset Purchase Programme

   Jan 22, 2015Labels: Asset Purchase, ECB

   • ECB

10. Eurosystem launches public sector purchase programme

    Mar 9, 2015Labels: PSPP, Eurosystem

    • ECB
    • ECB

11. CSPP corporate bond purchases start

    Jun 8, 2016Labels: CSPP, ECB

    • ECB
    • ECB

12. ECB ends net APP purchases (initial QE phase)

    Dec 31, 2018Labels: APP net, ECB

    • ECB

13. ECB restarts net APP purchases and adds tiering

    Sep 12, 2019Labels: APP restart, Tiering

    • ECB
    • ECB

14. ECB launches Pandemic Emergency Purchase Programme

    Mar 18, 2020Labels: PEPP, ECB

    • ECB
    • ECB

15. PEPP envelope increased by €600bn

    Jun 4, 2020Labels: PEPP increase, ECB

    • ECB
    • CNBC

16. PEPP expanded by €500bn to €1.85tn

    Dec 10, 2020Labels: PEPP expansion, ECB

    • ECB
    • Guardian

17. ECB ends net APP purchases ahead of rate hikes

    Jun 9, 2022Labels: APP end, ECB

    • ECB
    • ECB

18. ECB raises rates 50bp and introduces TPI

    Jul 21, 2022Labels: Rate hike, TPI

    • ECB
    • ECB

19. ECB begins APP balance-sheet run-off

    Mar 1, 2023Labels: APP run-off, ECB

    • ECB

20. ECB stops APP reinvestments (full run-off)

    Jul 1, 2023Labels: Full run-off, APP

    • ECB

21. ECB sets PEPP reduction plan for 2024

    Dec 14, 2023Labels: PEPP reduction, ECB

    • ECB
    • ECB

22. ECB delivers first rate cut of the cycle

    Jun 6, 2024Labels: Rate cut, ECB

    • ECB

23. PEPP reinvestments fully discontinued

    Dec 31, 2024Labels: PEPP end, Reinvestments

    • ECB
    • ECB