Restarting asset purchases in the euro area: Lessons from €2 trillion of ECB purchases Ralph Koijen, François Koulischer, Benoît Nguyen, Motohiro Yogo 18 September 2019 Recent economic performance in the euro area has once again raised the possibility of the ECB conducting asset purchases. This column sorts security-level portfolio holdings data by investor type and across countries in the euro area to study portfolio rebalancing during the ECB purchase programme from 2015-17.