# ECB balance-sheet burden | PIER20 benchmarks

How large is the Eurosystem balance sheet relative to euro-area GDP?

ECB balance-sheet burden tracks quarter-end Eurosystem assets divided by rolling GDP. It uses quarterly data.

The latest data is from **Q1 2026**. The Assets / GDP reading is **61.90 % of GDP**. The Asset growth reading is **-1.22%**. The Distance from historical high reading is **-38.05 pp**. The Assets / GDP line is down 2.9 pp over the past year. It is above its long-run median of 38.67 % of GDP.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Assets / GDP | 12.24 | 61.90 | 10.85 | 99.95 |
| Asset growth | 9.24 | -1.22 | -22.98 | 84.23 |
| Distance from historical high | -33.77 | -38.05 | -38.16 | 0.00 |

## Last 24 readings

| Date | Assets / GDP | Asset growth | Distance from historical high |
|---|---|---|---|
| Q2 2020 | 83.13 | 26.37 | 0.00 |
| Q3 2020 | 88.52 | 32.06 | 0.00 |
| Q4 2020 | 92.00 | 38.53 | 0.00 |
| Q1 2021 | 94.99 | 31.78 | 0.00 |
| Q2 2021 | 95.88 | 18.43 | 0.00 |
| Q3 2021 | 97.36 | 16.15 | 0.00 |
| Q4 2021 | 99.95 | 17.97 | 0.00 |
| Q1 2022 | 98.22 | 14.50 | -1.73 |
| Q2 2022 | 96.27 | 9.74 | -3.68 |
| Q3 2022 | 94.51 | 6.09 | -5.44 |
| Q4 2022 | 85.62 | -6.53 | -14.33 |
| Q1 2023 | 81.94 | -9.41 | -18.02 |
| Q2 2023 | 75.68 | -15.13 | -24.27 |
| Q3 2023 | 72.82 | -17.22 | -27.13 |
| Q4 2023 | 70.35 | -12.33 | -29.61 |
| Q1 2024 | 68.48 | -11.58 | -31.48 |
| Q2 2024 | 67.08 | -7.01 | -32.87 |
| Q3 2024 | 66.69 | -4.49 | -33.27 |
| Q4 2024 | 64.84 | -4.26 | -35.11 |
| Q1 2025 | 64.81 | -1.83 | -35.14 |
| Q2 2025 | 63.12 | -2.36 | -36.83 |
| Q3 2025 | 62.69 | -2.52 | -37.26 |
| Q4 2025 | 61.79 | -1.20 | -38.16 |
| Q1 2026 | 61.90 | -1.22 | -38.05 |

## How to read this benchmark

**How to read it.** The ratio compares quarter-end Eurosystem assets with four quarters of GDP. The distance measure compares the ratio with its past high.

## How this benchmark is used

**Why traders watch it.** Traders use this benchmark to track the size and direction of the ECB balance sheet.

## Frequently asked questions

**What is the latest reading for ECB balance-sheet burden?**

The latest data is from Q1 2026. The Assets / GDP reading is 61.90 % of GDP. The Asset growth reading is -1.22%. The Distance from historical high reading is -38.05 pp. The Assets / GDP line is down 2.9 pp over the past year. It is above its long-run median of 38.67 % of GDP.

**How often does this benchmark update?**

The source publishes quarterly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

The European Central Bank Data Portal and Eurostat publishes the data. The methodology section lists each source series.

**Where does the data come from?**

The European Central Bank (ECB) publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: Quarter-end Eurosystem assets divided by rolling GDP
- Frequency: Quarterly
- Sources: Assets / GDP (assets-to-gdp) https://data-api.ecb.europa.eu/service/data/BSI/M.U2.N.C.T00.A.1.Z5.0000.Z01.E; Asset growth (asset-growth) https://data-api.ecb.europa.eu/service/data/BSI/M.U2.N.C.T00.A.1.Z5.0000.Z01.E; Distance from historical high (assets-to-gdp-distance-high) https://data-api.ecb.europa.eu/service/data/BSI/M.U2.N.C.T00.A.1.Z5.0000.Z01.E. Data via the European Central Bank Data Portal and Eurostat.
- Data through: Q1 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/ecb-balance-sheet-to-gdp
Disclaimer: research software output, not investment advice.