Asymmetry of behaviour between the Federal Reserve and the ECB: What consequences?

The exit from expansionary monetary policy will be faster in the United States than in the euro zone. Tapering (gradual stabilisation of the size of the central bank's balance sheet) is expected from the end of 2021 in the United States, but much later in the euro zone. Expectations are that the Fed will start hiking its key interest rate in 2023 in the United States, but that the ECB will start much later in the euro zone. This break in the symmetry of behaviour between the Federal Reserve and the ECB may have significant consequences: As long as there was symmetry, there was no reason for Europeans to switch to the dollar, even if they feared a loss in the value of the euro given the speed of monetary expansion; Once there is no longer symmetry, we may see significant capital flows from the euro zone to the United States and a depreciation of the euro against the dollar; This has not happened on a sustained basis in Japan, but Japan is a financially more closed economy than the euro zone.