The ECB QE plan is a very interesting variant of the model I first proposed when I first started writing about greater monetization of the debt as a policy tool in the late 1980s and early 1990s. In a paper which I presented to a conference sponsored by the Canadian plains research centre and later published in 1992 in a collection of papers from the conference edited by Jim McCrorie and M.MacDonald , The Constitutional Future of the Prairie and Atlantic Regions of Canada, Canadian Plains Reserarch Centre, University of Regina, I explored how to implement the reform in a regionally balanced way in the Canadian federation.I suggested allowing each province access to the debt monetization capacities of the central bank up to a limit that in total would equal monetized debt in relation to the broadly defined money stock which would not exceed 20 %.The formula for each province’s allocation within that limit would be calculated in relation to each province’s GDP as a percentage of the total national GDP.(A Regional approach to Monetary and Fiscal Policy,in McCrorie &MacDonald p.114) The ECB has essentially adopted a similar approach with each member state (excepting for the time being Greece) being allocated a share of monetized debt which is proportionate to the share of the given country’s contribution to the capital of the European central bank. My model did not exclude any province that was more indebted than others nor did it restrict mutualization in the way which the ECB plan proposes. Nevertheless I am glad to see the regional principle at work in Europe. Its a long way from Regina to Brussels and Frankfurt but the Canadian plains once again illuminated a progressive reform with global consequences over twenty years ago.