It might be more accurate to say it is trying to recover from the 2007 crash. There is a distinct possibility of another downward leg in the economy. For example QE was probably unavoidable, but QE2 and QE3 is a symptom of continuing to spend on war when 2007 should have caused a much more sudden and dramatic reduction in shoveling money into that fire.
The ECB is pondering beginning a QE-like program. Will QE4 follow QE3? Can it? The economy is still running on emergency measures. It's difficult to call that "recovering."
I think you're reading too much into the conspiracy theories here.
The quantitative easing (QE) programs are designed to decrease long-term rates, in other words, flatten the yield curve, which have been more-or-less successful. In the US this program is drawing to a close.
The EU is really a different story and a lot of what is going on there has to do with the fact that they failed to tackle their banking crisis in 2009-2010. The US was able to swallow the medicine more quickly.
The EU did put in place other programs, including the long term refinance operation, which has never has used explicitly.
The economic cycle is just that. Always expect the next downturn. The question is will there by another financial crisis in the next few years, or will the crisis come later?
There are a lot of lo-tinfoil people who are appalled that we are on QE3, which followed immediately after QE2, which "ended on schedule." The problem is QE is the last ditch. In monetary policy our backs are against the wall. And too many people think "OK, we didn't have a total financial meltdown, things must be pretty OK." They're not "pretty OK" until lowering the CB interest rates becomes effective again, and the assets<cough>junk</cough> on the CB balance sheets is getting sold off.
The next thing that snaps is going to be very very ugly.
The ECB is pondering beginning a QE-like program. Will QE4 follow QE3? Can it? The economy is still running on emergency measures. It's difficult to call that "recovering."