Draghi's initial remarks seem fairly optimistic for a central bank in which that the economy it is overseeing is contracting. He noted improvement in sentiment and some greater financial integration.   The point on financial integration is important. This is partly the transmission mechanism that prompted the Outright Market Transaction scheme in the first place. It is also partly the increased foreign participation in the Spanish and Italian bond markets. More broadly this is the improvement in financial conditions declining yields in the periphery rising equity markets and the gradual return of depositors. It is also the improved current account ...