  The results of part I (hep-ph/9612284) are used to obtain full asymptotic
expansions of Feynman diagrams renormalized within the MS-scheme in the regimes
when some of the masses and external momenta are large with respect to the
others. The large momenta are Euclidean, and the expanded diagrams are regarded
as distributions with respect to them. The small masses may be equal to zero.
The asymptotic operation for integrals is defined and a simple combinatorial
techniques is developed to study its exponentiation. The asymptotic operation
is used to obtain the corresponding expansions of arbitrary Green functions.
Such expansions generalize and improve upon the well-known short-distance
operator-product expansions, the decoupling theorem etc.; e.g. the low-energy
effective Lagrangians are obtained to all orders of the inverse heavy mass. The
obtained expansions possess the property of perfect factorization of large and
small parameters, which is essential for meaningful applications to
phenomenology. As an auxiliary tool, the inversion of the R-operation is
constructed. The results are valid for arbitrary QFT models.
