It is worth mentioning that since 2007 the balance sheet of the Federal Reserve has increased by 229%, the Bank of England by 193%, the Swiss National Bank by 128%; the balance sheet of the Eurosystem has risen by 71%.
In conclusion, if in normal times it is possible – even easy – for the various institutions to follow simple rules of behaviour and to draw clear demarcation lines, within countries and between countries and at European level, in times of crisis the situation is more complex.