Below is a figure of the Euro monetary base. I find it puzzling for two reasons. First, it shows an upward trend that starts in 2002 and continues to the present. The monetary base has more than doubled since this trend begins. What explains it? It almost looks like a long, drawn out quantitative easing program. The second thing to note is even the financial and Eurozone crisis is not enough to deter the ECB permanently from this trend. The commitment to the trend seems to be driving the sharp fall in the monetary base from June 2010 to the present. So what is going on here?