The head of the German version of the Federal Reserve (the Bundesbank) Jens Weidmann indicated he is willing to cooperate with allowing the European Central Bank (ECB) to use Quantitative Easing (QE). This is important because Europe has had a tighter monetary policy than other countries and thus Europe has been in a deeper recession.
Federal Reserve Chair Janet Yellen today held her first press conference as Chair and announced an end to Quantitative Easing will probably occur in six months and they could start to raise rates in a year. They announced they would not use the Fed’s promised goal of 6.5% unemployment as a goal post but would instead use a wide range of indicators to decide what to set use to set rates. The fact that the Fed had to abandon unemployment statistics implies that this indicator is unreliable because of people either getting too good of a deal from the Welfare state or deciding to take early retirement and then pretending to be looking for work so that they can collect