The European Central Bank (ECB) is scheduled to end its landmark bond-buying program by the end of December. The quantitative easing (QE) plan saw the ECB buy up some 2.5 trillion euros worth of government bonds to depress yields and fend off deflation following the Great Recession.

If all goes according to plan, the now 15-billion-euros-per-month-purchases will be wrapped up at a scheduled meeting on December 13.

Impact

Most indications are that QE will end as intended, but there is still some room for doubt. Euro zone economic growth hit a snag over the third quarter, a period that saw just 0.2% expansion, mostly due to the stagnant Italian economy. The Q3 growth miss is compounding concerns that Brexit could send shockwaves through the euro zone economies, particularly a no-deal ‘Hard Brexit.’ As a result, some are calling for QE to be extended until a more firm economic recovery takes hold.

There’s also the matter of Italian debt. The yields on Italian government paper have been ticking upward against the backdrop of Rome’s budget fight with the European Commission. An end to ECB bond-buying – which of course includes purchase of Italian debt – would further accentuate the trend. And given Italy’s already-colossal debt load, small fluctuations in the Italian bond market can produce big repercussions for the government’s bottom line.