Has the ECB’s expansionary monetary policy improved the financing of the economy?

An expansionary monetary policy can be expected to improve the financing of the economy if: It boosts the supply of bank credit; It makes savers/investors switch to riskier assets (equities, corporate bonds), which enables companies to issue more of these assets. We seek to determine whether the very expansionary monetary policy in the euro zone since 2014-2015 and until the COVID crisis has led to this virtuous effect (development of credit supply, companies’ ability to issue more equities and bonds). Since 2014-2015 we have seen: An improvement in credit supply conditions and a tightening of credit spreads (except at the start of the COVID crisis); But no tightening of the equity risk premium; And no increase in lending or in the issuance of shares or bonds by companies.