Many expect ECB to signal "private QE" — purchases of securitized loans to small and medium enterprises, in order to stimulate the EU economy.
The central bank buy short-term government bonds to lower short-term interest rates. Then purchase assets of longer maturity thereby lowering longer-term interest rates. Quantitative easing raises the prices of financial assets bought, (Demand) which lowers their yield.
QE used to ensure that inflation does not fall below target (Deflation). Risks include higher inflation in the longer term.
The USA Fed's "quantitative easing program" has, among other things, lifted stock prices, increased tax revenue, lowered interest rates, unemployment, and improved the housing market. Now the fed is gradually reducing its QE buying purchases.
The ECB and Japan started their easing much later than the US for a reason. Had they all started in the same time, the velocity of money would be unimaginable resulting in inflation, inequality, higher prices beyond belief.
So watch for the coming year for the higher prices on everything cheep.
Just a thought
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