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This fantastic chart from Citi Research and Haver analytics gives a perspective of failure of the policies that the central banks have been advocating since the crisis. It also points to the fact that the effectiveness of the Quantitative easing diminishes with every firing.
In terms of effectiveness, the QE pursued by Fed has been more effective than European Central Bank's (ECB). However, the QE1 has been most effective in terms of influencing inflation expectations and impacting the PMIs.
