  We present the analysis of a sample of 20 bright low-redshift quasars
(M_B<-23 and z < 0.35) observed spectroscopically with the VLT. The FORS1
spectra, obtained in Multi Object Spectroscopy (MOS) mode, allow to observe
simultaneously the quasars and several reference stars used to spatially
deconvolve the data. Applying the MCS deconvolution method, we are able to
separate the individual spectra of the quasar and of the underlying host
galaxy. Contrary to some previous claims, we find that luminous quasars are not
exclusively hosted by massive ellipticals. Most quasar host galaxies harbour
large amounts of gas, irrespective of their morphological type. Moreover, the
stellar content of half of the hosts is a young Sc-like population, associated
with a rather low metallicity interstellar medium. A significant fraction of
the galaxies contain gas ionized at large distances by the quasar radiation.
This large distance ionization is always associated with signs of gravitational
interactions (as detected from images or disturbed rotation curves). The
spectra of the quasars themselves provide evidence that gravitational
interactions bring dust and gas in the immediate surrounding of the super
massive black hole, allowing to feed it. The quasar activity might thus be
triggered (1) in young gas-rich spiral galaxies by local events and (2) in more
evolved galaxies by gravitational interactions or collisions. The latter
mechanism gives rises to the most powerful quasars. Finally, we derive mass
models for the isolated spiral host galaxies and we show that the most reliable
estimators of the systemic redshift in the quasar spectrum are the tips of the
Ha and Hb lines.
