In Canada, our monetary policy objective is to meet the inflation target. This goal has been achieved with considerable success since the target was introduced in 1991. In general, when inflation is tending to remain on target, liquidity is adequate. If there were too much liquidity in the economy, inflation would threaten to rise above target.
The effect of quantitative easing on financial flows to developing countries.” World Bank Policy Research Working Paper 6820 (2014). 8 (8) See Lane, Philip R. “Capital Flows in the Euro Area.” Economic papers 497 (2013): 1-54 and Hobza,  Alexandr, and Stefan Zeugner.