Brace for the unintended consequences of the ECB's QE

The ECB joining the currency wars will see the dangerous side-effects of central banks' monetary policy experiments continue to build and has merely pushed out the day of reckoning.

The shift in currency relativities that has been occurring since the European Central Bank unveiled its €1.1 trillion quantitative easing program last week is an intended consequence of the ECB program. It is the unintended consequences that are, perhaps, more disturbing.

The obvious intent of the program was to devalue the euro. That is working, with the euro sliding against other major currencies even before the ECB formally announced it would buy €60 billion of European government bonds a month indefinitely.

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