More Euro-Area Central Banks to Make Substitute Purchases in QE

The European Central Bank said it expects more euro-zone central banks will start making substitute purchases of debt as they carry out the institution’s quantitative-easing program.

The change in expectation follows the ECB’s decision to expand the program, the institution said Monday in a statement on its website. In March, the euro-zone’s central bank expanded its quantitative-easing program to 80 billion euros ($91 billion) a month from 60 billion euros previously.

Substitute purchases may include debt of supranational or international institutions located in the euro area.

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