Mr. Draghi: There are markets that have started to function again, though at a reduced level. Spreads on the interbank market have narrowed considerably, and the corporate-bond market has shown signs of being alive. There has been a flurry of new issuances in the first few weeks of January. We will get little bits of good news and we can enjoy them.
But we shouldn't make too much out of it. WSJ: What is the priority for regulators at the moment? Mr. Draghi: Credit circuits have been clogged now for more than a year.