How wil the ECB's tapering mindset impact different sectors?

Since the end of 2007, European equities have underperformed US equities by 63% on a real total return basis (in local currency terms).

Over the same period, European real local currency earnings per share declined by only 52% relative to their US counterparts - this divergence really started to occur in 2011 as the eurozone crisis broke out.  Since then, European companies have seen their earnings decline by 21%, which compares to a 14% increase in the US. It was not until mid-2016 that the European Central Bank's (ECB) aggressive monetary policy started to bear fruit with a recovery in company revenues. WisdomTree's Nossek: Can the European small-cap recovery continue? 2017 was the first year of positive earning...