Recently introduced measures may not respond to

The Fed announced a new round of early November quantitative easing policy, the EU and its member states so far response is not strong, the U.S. regulatory initiatives that are the direct impact of the euro area is limited, the recent EU is unlikely to take response measures.

The debt crisis to prevent the appreciation of the euro against the dollar

A new round of United States policy of quantitative easing potential external hazards focused on two aspects: First, the dollar depreciation, which increased the upward pressure on currencies of other countries, damage to exports and economic recovery of other countries; the second is to promote commodity prices, caused by imported inflation pressures, leading to a lot of hot money flock to other economies of other countries pose a challenge to monetary policy.

To depreciation of the dollar, the euro area is also affected to some extent though, but not as worried as the emerging economies of the significant appreciation against the dollar, mainly based on the following three reasons:

First, because the euro zone sovereign debt crisis is being disturbed from the short term, the momentum is not strong euro, which restricted the dollar’s sharp depreciation against the euro.

Second, the euro-zone countries are not as heavily dependent on emerging economies like the U.S. dollar as reserve currency, the dollar depreciation of the assets value is relatively small risk, but the dollar will also bring a positive “side effects”, that is enhanced Investor preference for euro assets will help boost confidence in the euro.

Finally, for historical reasons, the Europeans have a certain preference for the strong euro.

Inflation pressure is not no small challenge to monetary policy

United States policy of quantitative easing at this stage of the inflationary impact of the euro area is relatively small. Although the risk of imported inflation does exist, but the majority of euro-zone countries given the current economic recovery is not strong, not strong demand for commodities, rising inflation spiral occurring is unlikely.

The latest Eurostat data show that in October of this year, the euro zone rose to 1.9% inflation rate is still consistent with price stability for the control of the European Central Bank set “below but close to 2%” of expectations. Quantitative easing policy in the United States, after the release, the ECB did not change in the euro area inflation expectations. European Central Bank President Jean-Claude Trichet said in mid-November, the euro zone inflation this year should be under control.

Although inflation in the short run little risk of the euro area, even in countries such as Ireland deflation have emerged, but as the economy recovers, and if commodity prices remain high, the euro will soon face the problem of inflation, when the European Central Bank face difficult policy choices.

The possibility of lower ECB intervention in currency markets

Quantitative easing policy in the U.S. have limited impact on Europe, the EU and the euro zone leaders on the U.S. launch date is not too fierce criticism.

At the same time, including Luxembourg, Juncker and German Finance Minister Sch