UnclePanda, The European Central bank's bond program differs to...

UnclePanda,
The European Central bank's bond program differs to the Americans in that the ECB bought bonds from the central banks of Euro zone members. This means that the printing presses have already been running for quite some time. That there is still deflation occuring would suggest that either the money is being absorbed by investments rather than consumption or that there are Euro zone members that have inflation that can be offset against the deflation of the under performing members.