Private citizens criticise the type of instruments we use – in particular asset purchases and negative interest rates – and the side effects they associate with them. The use of these instruments has caused persistent mistrust.
Without that demand shock, either with public or private money, QE will not work, or will it? Financial conditions are much easier and will support aggregate demand. Also, structural reforms in a number of countries have started to produce positive effects. In addition, you have to consider the oil supply shock, which is positive for growth, provided that inflation expectations remain anchored.