Instead, OMT can – by design – only be a complement to national reform efforts.
Hence, the design of OMTs clearly prevents a scenario of harmful central bank support, or fiscal dominance over the central bank that has motivated the monetary financing prohibition;  6  For a detailed discussion, see B. Cœuré (2013), “Monetary policy in a fragmented world”, speech at the st 41 Economic Conference of the Oesterreichische Nationalbank. Vienna, 10 June.