Nighttime Must-Read: Grégory Claeys et al.: European Central Bank Quantitative Easing: The Detailed Manual

…Purchases will be composed of sovereign bonds and securities from European institutions and national agencies. The ECB Governing Council imposed limits to ensure that the Eurosystem will not breach the prohibition on monetary financing. However, these limits will constrain the size and duration of the programme…. The PSPP profits that will ultimately be repatriated to national treasuries will be small. This was to be expected, given current very low yields…