From 2015 to 2018 the ECB increased the money supply by around 20% (around 6% y/y), with a GDP increase rate under 1%. Yet the inflation rate remained under 2%. A back-of-the-envelope calculation would expect a much larger inflation rate (around 5% or more). What happened?
UPDATE: here is my calculation: using a quantity of money model: $Y P = v M$ where $Y$ is the GDP, $P$ is the price level, $v$ is the money velocity and $M$ is the money supply, then the inflation (rate of variation of $P$) is the rate of variation of $M$ less the variation of $Y$, that is about 6% - 1% = 5%