Since the inception of the  BIS central bankers’ speeches  1  ECB at the turn of the century, the policies of the ECB and the Federal Reserve have generally been complementary.
Today, as the world awaits the first change in the Federal Funds Target Rate in seven years, the ECB by contrast is only in the first half of an ambitious quantitative easing program. Much has been said about these two moves and the unprecedented nature thereof, but I am not quite sure that we fully understand the exact implications of this development going forward.