On 26 October, the ECB will announce a reduction in the pace of its asset purchases beginning in 2018, with a very likely phase-out of the purchases by the end of the year. Initiated in March 2015, the ECB’s quantitative easing (QE) will have a lasting impact on the European bond markets. It is now possible to conduct an initial assessment of how the ECB’s QE transformed the European sovereign bond market by focusing on its different aspects (scale of the purchases relative to issuances, changes in the structure of asset holdings, and the impact on the yield curve).