They do different things. (1) interest rate hike cuts interests. (2) asset purchase programme cuts interest rate differences between countries. Euroarea as i

They do different things. (1) interest rate hike cuts interests. (2) asset purchase programme cuts interest rate differences between countries. Euroarea as it is now is very non-optimal currency region (by the Mundell's definition) To fix it, Euroarea needs fiscal transfers. The US has automatic federal level stabilizers that smooth differences between states. Euroarea needs something similar in the long term. Common EU level unemployment would work well.