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QE is a policy that bails out debtors at the expense of savers. Debtors get easy money, and savers lose purchasing power. In Europe, who, broadly are the debtors? [Parts of] Southern Europe. Who are the savers? Northern Europe, their pension systems, and the Dutch pension system in particular, whose pension assets to GDP is the highest. That Dutch pensions will have to cut benefits is not merely a technical artifact; the purchasing power of those savings are actually being printed [taxed] away to rescue Southern Europe.
When one signs up to share a currency, one is essentially sharing a bank account with the other parties. If the other parties run up a large bill, and the more responsible party does not want to share in a bankruptcy, they must fill the hole.
What is happening is simply the natural consequence of the stupid/greedy/shortsighted Northern European politicians having committed their citizens to cover the debts of Southern Europe in the name of continental unity.
The only question is how far the damage goes before the citizenry wakes up and puts an end to it.