Acknowledging that, “for all its resilience, our union is still incomplete”, Mr Draghi argued that, ultimately, Member States “have to be better off inside than they would be outside.” “If there are parts of the euro area that are worse off inside the Union, doubts may grow about whether they might ultimately have to leave”.
The Fed, for example, acquired the authority to pay interest on reserves and this placed a floor – or, more precisely, a lower grey zone of values – on the level which the Fed funds rate can take on in daily overnight trading.