Fig. 2

Central banks and commercial banks: prior vs post to the reform. Notes : A are total central bank assets, \( {\tilde{H}}^{-}\left({\tilde{H}}^{+}\right) \) is monetary base minus banknotes and coins before (after) the reform, L are loans issued by banks, B are remaining banks assets, \( {\tilde{M1}}^{-}\left({\tilde{M1}}^{+}\right) \) is money aggregate M1 minus banknotes and coins before (after) the reform, S is savings deposits, E is banks capital, O are other banks liabilities and L^CB is the loan the central bank makes to banks after the reform. Areas are proportional using data from December 1996 to June 2017 compiled by the SNB