We are not big fans of quantitative easing – the European Central Bank’s 2.5 trillion euro money creation programme has failed to stimulate the Eurozone economy. However one has to recognize that QE did stabilize the sovereign bond market by reducing borrowing costs for Eurozone governments. Thanks to the ECB, the sovereign debt crisis in the Eurozone was tamed for the time being.
It is however quite paradoxical that the country that suffered most from the euro crisis – Greece – has been excluded from QE from the start. Many protested about it, from Yanis Varoufakis to Right-wing members of the European Parliament.