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by Luca Favero and Salvatore Liaci
In 2021, purchases of public debt securities of euro area countries by the European Central Bank (ECB) are continuing through two programs: the Asset Purchase Program (APP), launched in 2014 – within which the Public Sector Purchase Program (PSPP) is aimed at the public sector – and the Pandemic Emergency Purchase Program (PEPP), launched in March 2020 and almost entirely dedicated to the purchase of government bonds.
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