Dashed lines represent forecasts based on announced purchase programs or recent pace of purchases ** Four-quarter rolling sum; forecasts are based on the IMF's World Economic Outlook *** Holdings data for Euro area only include bonds held as part of asset purchase programs; holdings for other central banks also include bonds held for operational or liquidity purposes Sources: Central banks; debt management offices; IMF; RBA; Refinitiv  The RBA's purchase program started later but is currently on a faster upward trajectory to that of other central banks.
Each crisis, or episode of significant market correction, is different from the one before. They differ in origin, nature and magnitude. Each time new insights are gained about potential root causes of crises – often painful ones that go beyond simply lax macroeconomic policies and point to a lack of transparency or appropriate oversight.