However, should contingent capital
bonds prove insufficient, we should allow large institutions to fail, and if assessed by regulators as too interconnected to liquidate quickly, be taken into a special bankruptcy facility.
But long - term government
bond yields fell to record lows for many euro area countries after a speech by ECB President Draghi on 21 November, which stressed that the ECB will do what is required to raise inflation and inflation expectation by adjusting the size, pace and composition of asset purchases, if the currently announced policies
prove to be
insufficient.