What do they do with the cash? Some people spend it, others reinvest. Aren’t you benefiting more the rich than the poor? I’m not convinced. If we avoid a recession or we facilitate the recovery of the economy and unemployment goes down, the distribution effect of that is very important.
You should not look only at asset prices, such as share prices, but also at the impact on the economy. In Portugal, should we believe that the ECB’s measures will make banks lend more when the demand for credit is so low? In a weak environment, you have growth but credit is still negative year on year.