6  Expanding central bank balance sheets Per cent of GDP  Per cent of GDP 40  40  ECB 35  35  30  30  Fed  25  25  20  20  15  15  10  10  5  5 0  0 2007  2008  2009  2010  2011  2012  2013  2014  2015  2016  2017  ​Source: Macrobond and own calculations.
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