It is especially striking in the United States, where the monetary base increased by more than 300% between 2007 and 20149 and there were no signs of strong inflationary pressure. There is no theory of inflation, even in technical monetarism, based only on the central bank monetary base increase without a corresponding development in broad monetary aggregates and this never happened.
During the Great Recession, when the ECB balance sheet started its expansion, M3 growth fell dramatically to negative levels. Since 2010, M3 growth has remained very low, at average levels below 2%. To sum up, the first phase of non-standard monetary policy was conducted in a context of well-anchored inflation expectations.