What have been the effects of quantitative easing in Europe since 2008, and would helicopter money have been a better way to allocate the new money created? Since only a fraction of households holds assets, and since their marginal propensity to consume is quite low, the assets purchase program by the European Central Bank may be less efficient than a direct transfer of money to all households, i.e. helicopter money. Using a Two-Agent New-Keynesian (TANK) model, we simulate the QE program in Europe between 2009 and 2019, and find that this policy had sizable effects on inflation, consumption and output, but that helicopter money would have been more efficient, while reducing inequalities during this period.