But at the same time, the example of the International Monetary Fund shows that there is a convincing case to be made for a supranational body that makes it easier to frame national debates on reform. This can shift the debate from whether to how to implement reforms, Mr Draghi argues.
There has been subdued bond issuance by banks because of the significant increase in funding from deposits and the TFF. This has contributed to a further compression of corporate spreads as fixed income investors look for other bonds to buy.