Question: When was quantitative easing started by the organization setting monetary policy for the country considered its most reliable partner in the Middle East by Israel?

<P0-S0> For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short - term interest rates. <P0-S1> Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. <SEP> <P1-S0> The United States regards Israel as its "most reliable partner in the Middle East," based on "common democratic values, religious affinities, and security interests". <P1-S1> The United States and the Soviet Union were the first two countries to recognize the State of Israel, having declared recognition roughly simultaneously. <P1-S2> Their bilateral relations are multidimensional and the United States is the principal proponent of the Arab-Israeli peace process. <P1-S3> The United States and Israeli views differ on some issues, such as the Golan Heights, Jerusalem, and settlements. <P1-S4> The United States has provided $68 billion in military assistance and $32 billion in grants to Israel since 1967, under the Foreign Assistance Act (period beginning 1962), more than any other country for that period until 2003. <SEP> <P2-S0> government involvement in the british economy is primarily exercised by her majesty's treasury, headed by the chancellor of the exchequer, and the department for business, energy and industrial strategy. <P2-S1> since 1979 management of the economy has followed a broadly laissez - faire approach. <P2-S2> the bank of england is the uk's central bank and its monetary policy committee is responsible for setting interest rates, quantitative easing, and forward guidance. <SEP> <P3-S0> The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s. <P3-S1> Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. <P3-S2> Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis ``unprecedented ''. <SEP> <P4-S0> beginning in march 2009, the bank of england had purchased around £165 billion in assets as of september 2009 and around £175 billion in assets by the end of october 2009. at its meeting in november 2009, the monetary policy committee (mpc) voted to increase total asset purchases to £200 billion. <P4-S1> most of the assets purchased have been uk government securities (gilts); the bank has also purchased smaller quantities of high - quality private - sector assets. <P4-S2> in december 2010, mpc member adam posen called for a £50 billion expansion of the bank's quantitative easing programme, while his colleague andrew sentance has called for an increase in interest rates due to inflation being above the target rate of 2%. <P4-S3> in october 2011, the bank of england announced that it would undertake another round of qe, creating an additional £75 billion. <P4-S4> in february 2012 it announced an additional £50 billion. <P4-S5> in july 2012 it announced another £50 billion, bringing the total amount to £375 billion. <P4-S6> the bank has said that it will not buy more than 70% of any issue of government debt. <P4-S7> this means that at least 30% of any issue of government debt will have to be purchased and held by institutions other than the bank of england. <P4-S8> in 2012 the bank estimated that quantitative easing had benefited households differentially according to the assets they hold; richer households have more assets.