And third, who will issue the monetary base?

第三、谁来发行基础货币？

However, the monetary base is a part of the money supply.

然而，货币基础仅是货币供应的一部分。

Adding these back into M1 causes M1 to be larger than the monetary base.

把这些加到M1中将导致M1超越货币基础。

Therefore, the structure of monetary base influences the money supply as well.

这说明高能货币的结构也会影响货币供给。

Japan's monetary base rose 85 percent between 1997 and 2003; deflation continued apace.

1997年至2003年，日本的基础货币增长了85%，与此同时，通货却持续紧缩。