In June 2012, the balance sheet of the ECB peaked at over €3 trillion.  Since then it fell every month, so that by the end of 2013 it stood at €2.2 trillion.  Over this same period, the Federal Reserve’s balance sheet rose from less than $3 trillion to more than $4 trillion.  That is, as the ECB’s balance sheet was falling by a quarter, the Fed’s rose by a third!