Decade of Firefighting Leaves ECB Ready to Exit: Chart

An overnight loan of 95 billion euros ($112 billion) to euro-area banks on Aug. 9, 2007, was the initial response to a financial crisis that would force the European Central Bank to expand its balance sheet by trillions of euros. The institution took center stage in an unprecedented battle against bank failures, recessions and sovereign-debt turmoil that changed the region’s economic landscape and forced a complete rethink of what monetary policy can and should do. With the recovery finally holding up after years of stimulus and hard-fought reforms, officials have started to contemplate a return to more conventional policies.

(Corrects dollar conversion.)
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