In addition, advanced economies’ central bank balance sheets have expanded dramatically, from an average of 11% of GDP in mid-2007 to 34% of GDP by end2016. Balance sheet increases were largest in Japan (from 22% of GDP to 91%) and Switzerland (19% to 111%) (Figure 3). Figure 3.
The emerging economies have gained this position thanks to the many structural reforms they have introduced over the years. As a result of these reforms, these countries remained a source of strength for the global economy during the recent crisis. In conclusion, during its 60 years of existence, CEMLA has witnessed several forms of central bank cooperation.