As has been experienced elsewhere, among the various financial markets, the corporate debt market is indeed the most difficult to develop for a variety of reasons. The expansion of the pension fund and insurance industries will progressively result in the presence of a larger financial investor base, which will help in the overall expansion of financial markets and in particular the corporate debt market.
These are elements that we have to explore, but the important issue is to take steps in the right direction in 2/3  BIS central bankers' speeches  order to complete the banking union and to try to bridge the stalemate of sorts that we now have in Europe on how to complete banking union.