In 2013 US ended the QE program and started to raise rates, and tighten monetary policy, that process introduce some volatily to the markets that soon disappeared as they stabilized. Now Europe faces a similar situation, it needs to tighten the monetary policy with the challenge of having no inflation. The disconnection of monetary policy and the real economy is huge and the final effects of that disconnection are unknown.

The idea of QE was that low interes rates will stimulate private investmens, increasing productivity, increasing labor wages and finally with all that increasing inflation. But that did not happen companies prefered to buyback stocks instead, creating an artificial stock market valuation.