QE raises equity prices; lowers long-term interest rates; causes currencies to depreciate; and eases credit crunches, even when interest rates are near zero. The ECB and the BOJ did not suffer from a lack of reflationary tools; they suffered from a lack of suitable action.
好消息是，即使在零利率下限，货币政策仍然有效。QE提高了股价，降低了长期利率，让货币发生贬值，也舒缓了信贷动荡，即使利率已经接近于零。欧洲央行和日本银行没有因为再通胀工具不足而受损，它们因为没有采取足够的合适行动而受损。