I agree, but I didn't understand that she was talking about the bailouts, which afaik were contributed to by state budgets. I understood her to be referring to the ECB's provision of liquidities to the banking system, and probably also to bond purchases, where it could be said by inflation hawks that the ECB was "printing banknotes".

In fact, it's true, the provision of liquidities does not filter through to the "real" economy and create activity. But that is also why the inflation figures don't move...