>Trumps big success was the economy and that was floated on a huge increase in debt. The USA and the dollar are (for now) the only country that can get away with that.

Cannot argue embolded parts, as EU is not a country ;-)

But there is a common institution there currently rumoured to enlarge scope into buying junk bonds
https://www.bloomberg.com/opinion/articles/2020-04-22/coronavirus-response-ecb-prepares-the-way-for-buying-junk-bonds
https://www.euractiv.com/section/economy-jobs/news/ecb-says-could-accept-junk-bonds-as-collateral-for-loans/

So look at some balance sheets not tweaked by the trick of percentage of ever rising GDP:
https://tradingeconomics.com/euro-area/central-bank-balance-sheet
look at 5 and 10 years, or
https://www.yardeni.com/pub/balsheetwk.pdf
for comparison to other institutions