EUROPEAN bankers depressed by the miasma in Athens might cheer up a bit if they focused on news from Frankfurt instead. The recent unveiling by the European Central Bank (ECB) of a €1.1 trillion ($1.25 trillion) package of “quantitative easing” (QE)—the printing of money to purchase vast quantities of bonds—should be as heartwarming for them as a resurgence of the euro crisis is chilling.