However, QE by its very nature is an extension of the intervention horizon of monetary policy and as such it can create favourable conditions for long-term investment and hence boost the potential growth of the euro area. For instance, the weighted average remaining maturity of the securities purchased as part of ECB’s QE is currently 8.5 years (on 6 May 2015).
So monetary policy in the euro area is having a more direct impact on long-term interest rates than ever before. VI. The ECB’S QE: an early assessment  A number of analysts have already discounted the limited efficacy of QE in the euro area on the grounds that banks rather than capital markets dominate the provision of credit there.