Imagine you got your hands on €1 trillion. What would you do with it? Most people would invest some, place some in a bank deposit etc. I have always wanted a very large forex account, maybe a few million Euros, so I would place some in my forex account, invest some in bonds (high yield Kiwi and Aussie bonds spring to mind), invest a part of the money in the stock market and in the housing sector and splash out on a small portion of what´s left. 

Guess what the central banks do with such an amount of cash, they splash it all out. That´s what the ECB has done so far. The Eurozone Q2 GDP remained unchanged at 0.3%, while the GDP for the 28 countries of the EU missed the expectations by 0.1%. Besides that, the household consumption declined to just 0.2% from 0.6% in the previous quarter.  

So, all the money in the world and you can´t spur economic growth. That´s what the ECB has done with over €1 trillion. Hell, the BOJ (Bank of Japan) has been doing that for decades. Too bad the central banks can´t run out of money. 

On a serious note, the central banks can´t do it all by themselves. They can´t sustain stable economic growth, only the governments can do that with structural reforms. The central banks have done their part and they have urged the governments to do theirs for as long as I can remember. But, the greed for votes and power has made the politicians skip their promises after every election.