Unfortunately, because QE involves the exchange of one risk-free asset (bank reserves) for another (Treasury securities), QE does nothing to increase the amount of risk-free assets available to the market.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head

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FORBES: Connect

Mutualising part of the national debts would create a risk-free European asset.

ECONOMIST: Charlemagne

As for risky markets, there is some uncertainty over a longer term, when most asset pricing models use the US rates as the risk free rates.

FORBES: Panic Selling Of US Treasurys Unlikely