Great Graphic: Central Bank Balance Sheets

This Great Graphic comes from the FT Alphaville, who picked it up from Credit Suisse.  It shows that as a percentage of GDP, the ECB and BOE's balance sheets are larger than the US. The fact that the ECB's balance sheet grew more through lending than bond buying is illustrated by the second chart.  If, as many expect, the Fed does announce another $600-$700 bln of bond (including MBS) purchases, it would boost the Fed's balance sheet by about 5% of GDP, which would still put it below the ECB and BOE.  Indeed, Draghi's proposals suggest the ECB's balance sheet may also increase.  The BOE is already expanding its balance sheet via gilt purchases, is is expected to continue its efforts, when the current program is completed.