There has been very little commentary on this rather historic decision by the ECB to pump a trillion plus of new money into the Eurozone. It will make a difference but it may well inflate assets and make the rich richer, without finding its way into the base of the euro economy where it is needed. America has not had the same degree of asset inflation as the UK, although both used QE. The reason is America’s economy is more broadly based and not as dependent on its financial and property sectors as the UK. The Eurozone is also less financially focussed but against that it is an amalgam of national economies with wide variations of almost everything, so predictions are impossible until we see the effects of the first tranches of new cash. It will depend on where the money flows and were it winds up.
Sooner or later the Eurozone will have to pool its financial sovereignty and establish not just a central bank but also a treasury. For that it will need some sort of executive to take charge. It has no democratic institutions established to put this into effect. The other thing it has to do is to end its spat with Russia. Europe can no longer prosper with Russia excluded and striking a deal with Putin would do more for the long term health of the euro economy than any amount of QE.