Lets All Play QE

The Eurozone's closest trading partners include several countries whose currencies float with respect to the Euro. Although their currencies will adjust, the effect will be local monetary tightening in countries many of which are already experiencing deflationary pressures due to the falling oil price. It would be entirely understandable if they also responded by easing monetary policy.

The US could be a case in point, but is tightening, not easing?