This Scoreboard aims to analyse the evolution of monetary policy and central bank decisions and their impact on financial stability and the real economy over the last two decades, using a comprehensive set of data1 . The size of central banks’ balance sheets in relation to GDP has never been so high. This document opens the debate on monetary policy and the need to change course by presenting key figures and charts. During the Global Financial Crisis (GFC), the EU Sovereign Debt, and Covid-19 crises, central banks played a crucial role, intervening on an unprecedented scale to keep financial markets liquid, stabilise the financial system, and prevent the economy from falling into a tailspin. In addition, in Europe, the ECB’s actions mitigated financial fragmentation in sovereign and corporate bond markets. […]