The ECB is about to decide on the future of its bond-buying programmes. A new study by ZEW Mannheim with the support of the Brigitte Strube Stiftung examined the government bond purchases in terms of their allocation among eurozone countries over time. The results show that since the beginning of the pandemic the share of purchases of government bonds from Cyprus, Italy, Slovenia, Spain and Ireland under its two purchase programmes, PSPP and PEPP, has significantly exceeded the ECB’s capital key. The PSPP programme has already been active since 2015, while the PEPP was launched in March 2020 to cushion the effects of the COVID-19 crisis. The deviations of the share of purchases from the ECB capital key, which serves as a benchmark, are smaller this year than in 2020. While Italy’s PEPP shares were still clearly above the national capital key in the first year of the pandemic at 13.1 per cent, they deviated by only 2.5 per cent from January to September 2021.