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?

The United States regards Israel as its "most reliable partner in the Middle East," based on "common democratic values, religious affinities, and security interests". Their bilateral relations are multidimensional and the United States is the principal proponent of the Arab-Israeli peace process. The United States and Israeli views differ on some issues, such as the Golan Heights, Jerusalem, and settlements. 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. The United States and the Soviet Union were the first two countries to recognize the State of Israel, having declared recognition roughly simultaneously. <SEP> 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. 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. <SEP> 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. most of the assets purchased have been uk government securities (gilts); the bank has also purchased smaller quantities of high - quality private - sector assets. 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%. in october 2011, the bank of england announced that it would undertake another round of qe, creating an additional £75 billion. in february 2012 it announced an additional £50 billion. in july 2012 it announced another £50 billion, bringing the total amount to £375 billion. the bank has said that it will not buy more than 70% of any issue of government debt. 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. in 2012 the bank estimated that quantitative easing had benefited households differentially according to the assets they hold; richer households have more assets. <SEP> Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis ``unprecedented ''. The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s. <SEP> 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. since 1979 management of the economy has followed a broadly laissez - faire approach. 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.