So the question we need to examine is two-fold: in the short-term, are the financial effects of monetary policy creating regressive or unwelcome distributional effects in the euro area and in 3 / 13  BIS central bankers' speeches  individual countries? And over the medium-term, how is that being offset by the macroeconomic effects of our measures? This is ultimately an empirical question.
This proposal, however, has met with some resistance, not least because national debt issuance is affected strongly by national-specific fiscal characteristics. With regard to markets for corporate debt, the lack of integration reflects the fact that euro-area companies have traditionally relied much less on debt raised in financial markets than have their Anglo-Saxon counterparts.