The European Central Bank is expanding the quantitative easing even though the program, along with negative interest rates, has only manage to damage the banking sector. The credit extended by the banking sector and the underlying prices—the ECB’s performing targets—are at pre-QE levels.
The Eurozone is growing despite of the ECB. Growth is solid, although it is different between countries. Value creation and employment have been slightly affected by international political and economic turmoil. The extent of the damage caused by the ECB’s non-conventional monetary policy is still to be determined.