The EU's QE move is about the last card they have to play. As it fails, they will be in serious trouble -- a harbinger of what the US faces if it continues down that road. Even their leftists now realize the high tax and high spend models are a failure Socialist President Hollande allowed the 75 percent tax on their high earners to end as all it did was drive them out of France.
Problem is the EU is the lady on the tiger -- they have no idea how to get off safely. Too many of their voters are dependent upon government largess, which is running out. The only proven methods of training a populace to no longer be dependent upon the state are rather harsh -- extreme depression, major nation wrecking war or 40 years in the wilderness *(pillar of fire, optional).