Even though Federal Reserve actions to fight the financial crisis and support the economic recovery added roughly $ trillion to a base of about $ billion in aggregate bank reserves, M1 and M2 rose at relatively moderate rates over the same period.
The credibility of the exercise and its success in restoring confidence in the soundness of the European banking system require that instruments of public intervention be available to act as financial backstops, as established by the European Council in June 2013 and reaffirmed by the Ecofin Council in November.