The warp is the financial capital that the ADB has provided for member countries to finance their development projects. The ADB's loans and grants have long continued to make those projects successful, even in the face of wide-ranging differences in developmental needs and circumstances among the members. What has made this possible? This is where the woof becomes important.
As a direct consequence of this ample supply of liquidity, the Eurosystem has augmented its balance sheet by more than 600 billion euro since the start of the financial crisis in August 2007. At the same time, our monetary policy operations are having a visible effect on overnight money market rates in the euro area.