NEW YORK ( ETF Expert) -- In a matter of hours, the European Central Bank as well as the People's Bank of China lowered key interest rates. For that matter, the Bank of England stepped up its bond-purchasing, quantitative easing program.In the recent past, stimulative measures might have been seen as a positive for stocks of faltering economies. The measures might even have been viewed as a benefit to nations around the world that export their wares. However, the initial reaction by foreign equity ETFs was rather uninspiring. For example, through the first half of Thursday's trading session last week, the Vanguard MSCI EAFE Index Fund ( VEA) retreated by roughly -1.35%.