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Who says the ECB can’t keep up with the Fed? As the euro crisis has caused liquidity for euro zone banks to dry up, the ECB has taken on the intermediation role. In essence, they have taken on the dollar liquidity function that the US money markets used to provide via its bank liquidity operations and currency swaps with the Fed.

Gavyn Davies has the chart:

My take on LTRO, the latest liquidity operation? It:

The ECB of 2011 is akin to the Fed of 2008.

Source: ECB balance sheet sucked further into the crisis – Gavyn Davies, FT

Source: Chart Of The Day: The ECB Balance Sheet