I remain solely responsible for the opinions contained herein. [2] As the economy grows, and the demand for banknotes increases, it is normal to see central bank balance sheets expand. In the five years before the crisis, the ECB’s balance sheet expanded by more than 50%. [3] See also Cœuré, B.
(2016), “The ECB's operational framework in post-crisis times”, speech at the Federal Reserve Bank of Kansas City’s 40th Economic Policy Symposium, Jackson Hole, 27 August. [4] See Cœuré, B. (2013), “Liquidity regulation and monetary policy implementation: from theory to practice”, speech given at the Toulouse School of Economics, Toulouse, 3 October.