We introduce a new Monetary Policy Conditions Index (MCI) that integrates conventional and unconventional monetary policy tools into a unified measure. The MCI, defined as a weighted average of short-term interest rate and central bank balance sheet size, improves on the shadow rate by capturing balance sheet policy effects even away from the effective lower bound. The MCI suggests that large balance sheet policies have exerted a significant accommodative influence on monetary policy conditions, while also providing new insights into the effectiveness and unintended consequences of unconventional policies. The framework is flexible and can accommodate numerous extensions, including a structurally larger central bank balance sheet under ample reserve system.