GRAPHIC-Central banks' money printing loses its magic

* Balance sheets of major central banks vs economic growth:


FRANKFURT, Feb 29 (Reuters) - Aggressive money printing by the world’s largest central banks is losing its impact on growth, putting a question mark over the globe’s economic future.

This realisation is prompting the world’s economic leaders to look for alternatives such as prodding the economy through reform although no big changes are immediately to hand.

A chart shows that while money printing helped the economy rebound after the 2008 crash, its effect on growth has since waned:

The European Central Bank has embarked on a 1.5 trillion euros ($1.6 trillion) asset-buying programme, following in the footsteps of the Bank of Japan and the Federal Reserve, which has since stopped buying.

The Group of 20 finance ministers and central bankers declared on Saturday they needed to look beyond ultra-low interest rates and printing money to help the economy.

$1 = 0.9167 euros Reporting By Francesco Canepa; editing by John O’Donnell