  Inflation expectations, as measured by the five-year inflation-linked swap rate, declined to a historic low of 1.37%, compared with 1.7% just prior to the start of the PSPP.
  GDP growth has been revised downwards by 0.4 percentage point, to 1.4% for 2016; for 2017 and 2018, real GDP is expected to grow by 1.7% (revised downwards by 0.1 percentage point) and 1.8%, respectively. In short, it seems that up to this point the QE programme had a rather minimal impact on inflation or inflation expectations and growth in the eurozone.