When they started QE, the effectiveness was heavily limited by the small size of the securities market relative to the broader banking sector (this is why they did TRLTOs and things you didn't see elsewhere). So international borrowers started issuing in EUR realising that the ECB would buy their debt, and this has only accelerated now that US rates are rising (it has also led to massive growth in private credit and other extremely inadvisable products).
The problem with this is that it isn't possible for the EU to suddenly have US-style, open financial markets where savers get paid a fair amount. It undermines the system of pensions, undermines the heavy corporatism, it undermines the whole economic model of most of Europe (even countries like Italy that have larger financial markets, it is largely due to the needs of govt finance...their govt debt cannot be financed without extraction from domestic savers...this becomes impossible if they have options).
Seems like a decent deal trading stable pensions and government services for losing the ability for a few percent of your population to use financial markets to expand their wealth constantly.
