Mario Draghi’s promise to do “whatever it takes” to save the euro helped cut risk-taking among eurozone banks, a working paper published by the Bank for International Settlements finds.

The team of economists, from the Bank of Mexico, BIS, Federal Reserve and European Central Bank, examine European banks’ Mexican subsidiaries in an effort to isolate the effects of the ECB president’s intervention. By examining Mexican markets, the authors say they are able to disentangle the effects of the