Perhaps the only major result of ECB intervention in the past few years has been the boosting of asset prices, as the market is awash with cheap money.

Bingo.  Cheap financing does not mean affordable assets.  Quite the contrary.  Prices are bid up to the return margin of those can get the cheap financing.  Everyone else is priced out of the market for everything of any consequence, and the Serious People are amazed to see no positive results from their cash dumping.  Instead, those who could get the financing end up hoarding the assets at speculative prices (See "Onset of Implosion of Every Financial Bubble Ever".), and everyone else is living hand to mouth, except for a fortunate few who hoard a few bucks/euros/yen because they can't actually spend it on anything.  In spite of what the Austro-Chicago tools preach, that is a liquidity trap and a deflation spiral, and giving more cheap money to the Ueberklass won't correct it (but then the Ueberklass doesn't thing anything needs correcting).