If fixed income traders across Europe aren’t raising money to build bronze statues of Mario Draghi on their trading floors, they jolly well should be.

The decision by the Italian, who succeeded Jean-Claude Trichet as president of the European Central Bank at the end of last year, to open the taps with long term refinancing operations gave banks a trading boost that ensured a bad year wasn't disastrous. If anyone anywhere is getting a bonus this year, they probably have Mr Draghi and his quantitative easing counterparts at other central banks to thank.