Figure 2 Advanced Economies: Assets in the Balance of Central Banks % of GDP  70% 60%  Bank of Japan  50% 40%  European Central Bank Federal Reserve  30% 20%  Bank of England  10%  2  Apr-14  May-13  Jun-12  Jul-11  Aug-10  Sep-09  Oct-08  Nov-07  Dec-06  0%  BIS central bankers’ speeches  The overall objective of unconventional monetary policies (UMP) in these AEs has been to stimulate growth and employment, while inducing the convergence of inflation to each countries´ objective.
Inflation in most AEs has fallen below their objective, mostly as a result of widespread unemployment, large output gaps, reduction in commodities prices, in particular of oil, and more recently in the United States, due to a sharp effective appreciation of the US dollar.