QE money goes into the banking sector, and stays there, it props up/inflates asset bubbles and transfers the risk to the ECB and national central banks[= taxpayer]. None of this helps the 'real' economy in any way, and nor is it meant to. A more direct way to help the real economy would be to extend this free money issuance to every citizen by offering them money on the same terms as the banks 1% or zero%. Just print it out at a cost of .1% and allow all citizens to borrow the same amount, with the proviso that if they already have debt then the money must be used to pay that down first.