Who will buy the bonds issued in the euro zone when the ECB stops doing so?

In the future, the ECB will stop buying bonds, particularly government bonds. The question is: who will buy the bonds issued when the ECB stops doing so (at the end of 2022?). Will it take a significant rise in long-term interest rates to find new bond buyers? To answer this question , we can look at what happened when the ECB started buying bonds (in 2015, and then massively in 2020). We then see that the ECB’s purchases: Were balanced by sales by non-residents; Led to a fall in euro long-term interest rates and a depreciation of the euro as non-residents stopped buying euro-zone bonds. We can therefore expect the opposite trends when the ECB stops buying bonds.