M3 growth had fallen close to zero by 2013 (as loan growth became negative in large parts of the euro area), but the APP injected fresh liquidity into the system, since the Eurosystem paid for the securities purchased under the programme by creating reserves and deposits.
While, at that point, the swing towards net monetary outflows to the rest of the world (measured by the decline in the banking sector’s net external asset position) tempered the growth rate of broad money, these dynamics went into reverse when the  exogenous impulse to money creation from APP net purchases began to fade.