These economic indicators experienced ups and downs after the introduction of QQE, but one indicator that has continued improving almost constantly is employment. Chart 2 shows developments in the number of employees and the unemployment rate. It has been said that, although the number of employees increased, this was limited to non-regular employees.
The lesson of past banking crises, moreover, is that when there are really serious problems in private balance sheets, capital may be available in sufficient quantity only from the public purse.