The end of the ECB QE leaves the euro-zone in a weaker position than it was in 2011. Because fiscal space has been exhausted and the ECB, with its balance sheet at 41% of the euro-zone GDP and ultra-low interest rates, has also exhausted its monetary tools.
The end of QE does not just show the failure of the ECB’s policy. It highlights the failure of governments’ economic policies. Governments should implement growth-oriented reforms lowering taxes and attracting capital. Many will not. Most will likely decide, again, that they need to spend more. Fail, repeat.