Reuters/Francois LenoirECB boss Mario Draghi is excited about the prospect of QEAfter years of discussion, months of urgent calls and weeks of preparation, the European Central Bank is about to write history—on Monday it will kick of its €1.1 trillion-euro, quantitative-easing program. Unlike its U.S., U.K. and Japanese central-bank peers, the ECB never resorted to sovereign QE at the height of the global financial crisis. Instead, it’s attempted an array of other extraordinary policy measures, including a negative deposit rate, programs to provide cheap funding to eurozone banks, and a less-powerful bond-buying program, often called “private QE,” focused on purchasing asset-backed securities and covered bonds. Now, as investors prepare for the launch of full-blown QE on March 9, here’s what we know about the program so far.What’s the aim of the QE? Under quantitative easing, a central bank creates money electronically, which it then uses to buy securities, such as government bonds, from banks and other institutions. It’s hoped that these institutions will then use the new bank reserves to buy other assets, lowering interest rates and encouraging spending. The ECB hopes QE will revive growth and inflation in the eurozone. Despite repeated attempts to spur an economic recovery, the currency bloc is still grappling with painfully high unemployment, slow growth and negative inflation among its members.Will the ECB buy government bonds with negative yields? Yes, but nothing that carries a yield below the ECB’s own deposit rate, which currently stands at negative 0.2%. The limit means that bonds currently yielding more than the deposit rate have room to fall further. Even before the big QE bazooka has been fired, yields for most eurozone countries have tanked. For Germany, France, Austria, Belgium, Holland and Finland borrowing costs for shorter-dated debt are now negative, meaning that bondholders essentially agree to pay issuers to hold their debt.What will QE do to bond yields? Initially, sovereign QE and lower bond yields should march together hand in hand. As the ECB buys large quantities of government debt, bond prices should go up, which will send yields lower. On Friday, borrowing costs for Italy, Spain and Portugaldropped to record lows in anticipation of QE takeoff. However, big moves in the bond markets show much of the impact may have already been priced in. Longer-term, as the QE liquidity injection begins to work on the eurozone economy, and likely boost inflation and growth, bond yields should start to rise to reflect the stronger economy. The latest eurozone data indicate that the region may be turning a corner, leaving room for higher borrowing costs.What will the ECB buy? Government bonds — and lots of them. The eurozone institutions selling the bonds can then use the proceeds to buy other assets and lend money to businesses. But questions loom over whether bondholders will easily part with their holdings. They may be reluctant if they see nowhere else to put their money, or if they expect bond prices to go even higher. The Royal Bank of Scotland chart below shows almost half of the respondents to a poll said they would only sell peripheral bonds—debt from countries such as Spain, Italy and Portugal — at much higher prices, indicating the ECB will have to pay up to meet its monthly goals. The central bank will continue to buy €10 billion a month in asset-backed securities and covered bonds, under two programs launched late last year. In total, the €60-billion-a-month asset buys are expected to expand the ECB’s balance sheet by more than €1 trillion by September 2016.Will it buy Greek bonds? Not at this point. Draghi laid out several reasons why the ECB is unable to purchase Greek bonds when the program begins Monday. For one, the ECB can’t buy debt from countries with bailout programs that are under review, he said. The central bank won’t be buying Cypriot bonds for that same reason, Draghi said. Also, the ECB is only allowed to buy 33% of a country’s outstanding debt. The bank has currently exceeds that limit as a result of its earlier Securities Markets Program. That meaning the ECB wouldn’t be able to purchase Greek bonds until the country has redeemed some of those bonds currently held by the ECB later this year.How long will the QE run? The program runs at least until September 2016, but “will, in any case, be conducted until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term,” Draghi said at Thursday’s meeting. That essentially means QE is open-ended. According to the latest ECB forecasts, inflation is likely to pick up to 1.5% in 2016 and rise to 1.8% in 2017. Economists are split as to whether this indicates additional bond buying beyond September next year.Will it work? According to Draghi? Then yes. Striking an unusually upbeat tone at Thursday’s meeting, he said the mere January announcement of the program had already benefited the eurozone economy. After the program actually launches, growth will pick up fast and reach 2.1% in 2017, according to the latest ECB staff forecasts. Market participants are more divided in their views. Billionaire investor George Soros warned in January that QE will create asset bubbles and increase the gap between rich and poor. Sara Sjolin