Early game the bard has a huge power advantage, since they don't need gear to function.
Lategame (kunark +) monks gain the upper hand, since they scale well with raid gear, bards hardly do.
When it comes to pulling, monk and bard are both good, however they are good at different aspects of pulling.
A monk can split firegiants, a bard can't. Not being able to clear agro in situations where singles are a must makes the bard a very weak candidate for such tasks, SK or necro also outclass bards in this scenario.
A bard can agro 3 mobs, mez one during the pull, mez another in camp, ensuring a steady flow of mobs, a monk needs CC support to do this.
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