Second, the scale of the operation is comparable to that of other central banks, including the Federal Reserve. In the past, the Bank’s monetary easing was not seen as bold as that of the Federal Reserve.
12 C. Fuest (2018), Der dritte Systemwettbewerb, Frankfurter Allgemeine Zeitung, 27 July 2018, p. 18. 13 See Deutsche Bundesbank, On the weakness of global trade, Monthly Report, March 2016, pp. 13–35. 14 See Deutsche Bundesbank, The realignment of the Chinese economy and its global implications, Monthly  Report, July 2018, pp. 39–56.