What the ECB hasn't been able to do for years with extraordinary monetary policy has happened in just a few months of coronavirus crisis - accelerating money growth. Years of asset purchases have had a relatively small impact on the amount of money in circulation in the economy. Yes, quantitative easing has caused money growth to increase, but most visibly in the form of higher commercial bank reserves at the ECB - base money. Broad money supply - M3, was relatively little affected as credit demand remained weak or, as phrased by some critics, QE remained stuck in the financial system and failed to reach the real ... (full story)