Mostly bereft of policy options except for outright quantitative easing, European Central Bank President Mario Draghi hopes that hundreds of billions of euros more in cheap loans to banks will boost inflation.
The jury will be out for a long time before we get any decision on whether they have worked.
The first two rounds of cash, worth over one trillion euros and administered as an emergency shock treatment to a patient on the verge of breaking up, helped keep the euro zone alive.
They were very successful in helping to push sovereign bond prices and stock prices higher, so averting fiscal disaster for several member states. After all, they were designed to create asset price inflation.
But these original Long Term Refinancing Operations (LTROs) clearly did very little to prop up consumer price inflation, which is now dangerously low at just 0.4 percent in the euro zone and negative in several member states.