Well, it's actually created by the commercial banks. In the short run, the Central Bank just accommodates it.

Otherwise the "real economy" would be swimming in money from the ECB's "nonstandard liquidity measures". Instead, the ECB's liquidity is ending up... as excess bank reserves at the ECB.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker