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In this CEPS Explainer, we provide a quantitative assessment of the potential fiscal cost of the large-scale sovereign bond purchases facing the major national central banks of the euro area and the Eurosystem as a whole. Central bank bond buying constitutes a ‘quasi-fiscal’ policy. This is uncontroversial among economists and it applies to all the bond buying programmes of the major central banks around the world, including the Eurosystem. Our analysis shows a total net cost of PSPP and PEPP purchases of around EUR 640 billion euro over the programmes’ lifetime.