Here, I side more with Joseph Schumpeter, who in 1934 wrote: “He (the banker) stands between those who wish to form new combinations and the possessors of productive means… He is the ephor (the overseer) of the exchange economy”.
Thanks to the introduction of the OMT, the strong divergence in funding costs across countries has been to some extent reduced. The reduction in sovereign risk premia towards levels consistent with economic fundamentals can generate positive dynamics; first and foremost by improving the balance sheet of sovereign bondholders (in particular banks).