I have argued before, and I will argue again (no doubt) that this type of quantitative easing is aimed solely at providing support to the relatively limited number of people who own financial assets in the EU’s financial markets but that it will not, despite the enormous sums involved, provide any effective support to the real economy, or create jobs and so it will not, even, create the desired inflation for reasons I have discussed here.
In that case the real question is why is money being created and wasted in this way?
1) It’s not being wasted. QE is reversible, recall?
2) It doesn’t support those who own financial assets. It encourages those who own financial assets to move out along the risk curve. That’s what it is for and it does it very well.