In a situation where capital and labour cannot move, benefits only accrue to the country or place where productive resources are located. If labour and capital can move freely then labour in a country where the productive resource is not located, can move to that location, and the benefits can be spread in that way.
A one percent increase in the ECB’s balance sheet relative to that of the Federal Reserve leads to an appreciation depreciation of the euro relative to the dollar in the order of 0.35 percent which is broadly comparable with the exchange rate effect of an unanticipated two basis point decline in one-year interest rates in the euro area relative to those in the United States.