Central banks have created a lot of money in response to the financial crisis, which has raised concerns about inflation. However, this increase in money is mainly base money, not total money in circulation. Unlike in the 1930s, when base money stayed the same and total money dropped, the current crisis has caused a drop in the money multiplier. This means more base money is needed to keep total money stable. Central banks have learned from the Great Depression and adjusted their policies accordingly. The European Central Bank responded to the crisis with a less expansionary monetary policy compared to the Bank of England and the Federal Reserve. However, stabilizing the money supply may not be enough to stabilize credit supply.