This being said, taking a longer term perspective, the ad hoc question on the level of credit standards indicates that credit standards are tighter today than in the pre-crisis period, and since 2010 have eased only to some extent and in some jurisdictions. The monetary impulse from non-standard measures is also reflected in broad monetary dynamics.
Evidence on the sectoral allocation of the ECB’s asset purchases, and on portfolio rebalancing decisions towards monetary instruments, would indicate that current M3 growth is significantly supported by the APP. The support of central bank liquidity to broader monetary aggregates is further vindicated by the growing contribution of households and firms deposits to 4/6  BIS central bankers' speeches  M1 and M3 growth.