Hmm if everyone prints and prints and prints, the exchange rates will remain fairly equal but the purchasing power of people and businesses will be greatly diminished.
In the end the people take the hit, as is comun in the world.
edit: Forgot to add the countries that suffer are countries that don't print their own currency. Panama back in 2009 - 2010 suffered inflation at a rate of almost %6 when historically it has always been at about %2.5 because of imported inflation due to US printing
this caused a price spike on all goods and services and made the government impose price regulation (helped with subsidies) on certain goods, thus killing a traditional free market system which is now partially controlled.
I'm not sure multiple nations money printing will be on par or coordinated in any way,even if there are agreements, when there is any kind of panic! On the other hand you would try to keep quiet about it and downplay the consequences to you citizens. You don't either want to get the hyper or high inflation label, so it will not be a flat out race.
If your inflation is too low, your currency will be considered safe and your bonds worth more, but you will have an expensive currency as speculators buy it so your countrys export will suffer.
I think that most governments consider exchangerate speculation too risky to base their monetary policy on.
