The CME contributed to a large expansion of the monetary base and exceeded the maximum level observed during the QE period of 2001–06 (Chart 6). Please recall that the Bank had already expanded the size of the monetary base significantly since the 1990s by conducting a series of accommodative monetary policy measures in response to various negative shocks.
Yves Mersch: Interview in Börsen-Zeitung Interview with Mr Yves Mersch, Member of the Executive Board of the European Central Bank, in Börsen-Zeitung, conducted by Mr Mark Schrörs and published on 8 April 2015.