The ECB insists that its actions are exceptional, a short-term response to dysfunctional markets and that it is just as independent from bullying politicians as it ever was.
The government's response is a mix of short-term protectionist measures combined with modest steps towards more constructive longer-term policy changes.
In either case the weakening effect on the dollar should lift short-term earnings prospects for American exporters and the positive market response should spur consumer spending via the wealth effect.