Our earlier use of this policy approach had little effect on the amount of currency in circulation or on other broad measures of the money supply, such as bank deposits.

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However, expansion of the monetary base does not necessarily lead to growth in broad money, which measures the supply of credit to businesses and consumers and which ultimately drives inflation.

ECONOMIST: Buttonwood: Pausing for breath | The

In Britain, for example, despite continued quantitative easing, the broad measure of money supply fell by 4.1% in the year to August.

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In the year to December, the broad measure of money supply fell by 0.2% in the euro zone and grew by just 3.4% in America.

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The broad M2 measure of money supply grew by 19.7%, exceeding the official target of 17%.

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And broad measures of the money supply are still barely growing because banks have been reluctant to lend, or because firms have been too concerned to pay off debt, or both.

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Broad-money supply was flat in the euro zone in the 12 months to the end of March.

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