The ECB plans to purchase 60 billion euros’ worth of a combination of government bonds, debt securities issued by European institutions, and private-sector bonds, each month from March until at least September 2016. The ECB seems to be hanging its hat on the expectation that this action is going to increase inflation, which will translate into job growth, which will in turn stimulate the economy. I’m not so sure that is the transmission mechanism. I think the real transmission mechanism will be if the ECB is able to introduce enough liquidity into the system to drive up asset prices, and through the process of driving up asset prices, drive interest rates down further. This would reduce borrowing costs for businesses, which would improve profitability and encourage them to hire more workers.
http://www.businessinsider.com/qe-wealth-effect-in-europe-and-us-2015-1
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