The ECB balance sheet has broken the €7 trillion mark ($8.5 billion) for the first time, as of Dec. 18. The total assets/liabilities balance is now €7.09 trillion, due to a net increase by €59 billion from the preceding week. This is almost entirely due to quantitative easing, including a €7 billion increase in circulating banknotes. Lending to banks rose by €45.1 billion, Pandemic Emergency Purchases Program (PEPP) by €18.6 billion, and sovereign bonds purchases by €7.9 billion. (Some items on the ECB balance sheet decreased in value, so that the overall net position is lower than the increase in QE.)