Central banks are showing extraordinary monetary accommodation by pumping in huge amounts of liquidity to  4  BIS Review 95/2009  support banks and financial institutions. This has willy-nilly helped governments raise borrowings. Governments are likely to be forced to pay back for this support. Central banks’ balance sheets have expanded at a furious pace.
The US Fed balance sheet, for example, expanded from $ billion at end June 2008 to $ trillion by end June 2009. The reserves of banks with the Fed jumped twenty times from less than $ billion as at end June 2008 to $ billion by end June 2009.