underpin those choices. The final section concludes. A box provides a primer on the decades. Those in major advanced economies (AEs) that engaged in asset purchase exchange reserves, although asset purchases also contributed. Overall, however, EME central bank balance sheets grew by far less than those of their AE counterparts, with the majority continuing to operate with scarce reserves.7 After peaking during the Covid-19 pandemic, many AE central banks have been shrinking their balance sheets by unwinding unconventional policy measures. When readability; for the ECB, daily outstanding amount of MRO with a one-week maturity and LTRO with a three-month maturity; and for the Bank of England, total amount alocated of weekly STR operations. Data as of 31 March 2026. Sources: ECB; Bank of England; Federal Reserve Bank of New York; FSB (2025); BIS; authors' calculations. See Cantu et al (2021) on central banks' monetary response to the Covid-19 pandemic; Cavallino et al (2025) on the taxonomy of operational frameworks; and Borio (2023) on trade-offs between EME central banks often use FX swaps and issue central bank bills to sterilise reserves.
underpin those choices. The final section concludes. A box provides a primer on the decades. Those in major advanced economies (AEs) that engaged in asset purchase exchange reserves, although asset purchases also contributed. Overall, however, EME central bank balance sheets grew by far less than those of their AE counterparts, with the majority continuing to operate with scarce reserves.7 After peaking during the Covid-19 pandemic, many AE central banks have been shrinking their balance sheets by unwinding unconventional policy measures. When readability; for the ECB, daily outstanding amount of MRO with a one-week maturity and LTRO with a three-month maturity; and for the Bank of England, total amount alocated of weekly STR operations. Data as of 31 March 2026. Sources: ECB; Bank of England; Federal Reserve Bank of New York; FSB (2025); BIS; authors' calculations. See Cantu et al (2021) on central banks' monetary response to the Covid-19 pandemic; Cavallino et al (2025) on the taxonomy of operational frameworks; and Borio (2023) on trade-offs between EME central banks often use FX swaps and issue central bank bills to sterilise reserves.
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