FRANKFURT, June 13 The launch of the European
Central Bank's bond-buying scheme in 2015 is having an
increasing impact on inflation although its positive influence
on growth has faded to almost zero, ECB research showed on
The new study came as the ECB starts to debate whether
growth and inflation have increased enough to wind down the 2.3
trillion euros ($2.6 trillion) scheme or whether another
extension is needed beyond this year to keep inflation rising.
The initial introduction of the scheme, which has gone
through several extensions already, had only a negligible impact
on inflation in early 2015.
But this grew to 0.18 percentage point by the end of 2015
and 0.36 percentage point in fourth quarter of 2016.
The study, which does not necessarily represent the ECB's
opinion, focuses on the announcement of the programme and the
impact of the first 1.1 trillion euros printed under it.
It did not quantify its two extensions and changes in
monthly purchase volumes.
Having flirted with deflation for years, prices are now
rising, albeit only slowly and inflation is still projected to
undershoot the ECB's target of almost 2 percent at least through
The scheme's impact on growth was strongest early on before
it slowly fade to almost zero by the end of last year, the
In the first quarter of 2015, it boosted growth by 0.18
percentage point and this fell to 0.16 percentage point by the
end of 2015 and 0.02 percentage point by the fourth quarter of
($1 = 0.8922 euros)
(Reporting by Balazs Koranyi; Editing by Tom Heneghan)