As the capacity for further fiscal stimulus abates, more so as countries attempt to pull back from huge fiscal overhangs, more liquidity being pumped in appears to be the only avenue remaining for stimulating the economy. From the viewpoint of individual countries, there isn’t much choice; not using the instrument significantly increases the risks of the recovery reversing course.
Apart from the domestic impact of this, given the relative size of the economies involved, this could clearly have global implications as well. So, it may well be that individual and collective interests are aligned on this issue. But, while there may be alignment over a somewhat longer time horizon, in the immediate future, there are signs of misalignment.