The European Union has seen a downturn in economic security and the a drop in the value of the Euro. The recently proposed stimulus packages will work to jump-start the European economy back into a healthy state. This will take time, but using the US economic stimulus package as a barometer of the success of such actions, the European stimulus package will help.
In times of economic depression, governments should provide stimulus into the economy in order to create more jobs, boost consumer confidence and ensure that money continues to move throughout the economy. Therefore stimulus policies will help to boost Europe's economy which has been held back through multiple countries decision to play with austerity economics during their time in office.
A stimuli package is the last thing the EU needs. They have tried austerity measures now they are trying a stimulus. That is the exact oppposite of austerity measures. The bottom line is that there are some serious problems in certain economies in the EU. The economies of Spain, Greece and several others need to be fixed.
Stimulus will not cure Europe's economic woes. The woes are caused by not enough young people in the workforce and too much government spending. Europe must find ways to cut spending and encourage more people to have children. Without an expanding workforce, spending must be drastically cut to balance out debits and credits.
QE, or whatever else it's called, is no more than a short-term pain relief delaying the inevitable. Almost every country in Europe is living beyond its means - i.e. its governments are spending more than they are collecting in revenues - and true recovery will not happen until this situation is reversed. QE may have the effect of debasing the currency, which may increase inflation, which would reduce the size of any debts in real terms, but this will ultimately push up the cost of any future borrowing. However, we are living in a strange world economically - QE is the game everyone wants to play, so all fiat currencies are being debased, and it's not quite clear who the losers will be (ultimately there will be some - anyone with savings, any non-EU country holding EU debt, and any country holding US or UK debt - they've both been playing the QE game for some time already)