  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.
From my point of view, three main factors have contributed to the inability of inflation to increase. (1)  First, supply-side factors have been deflationary, as reflected in a decline in the price of oil (as measured in US dollars) of about 25% since early March.