We therefore responded by launching a new monetary policy programme – Outright Monetary Transactions (OMTs) – which brought this episode of market turmoil to an end. We did this, however, in a way that did not pre-empt political decisions.
We took stock of the 4/7  BIS central bankers' speeches  clear commitment of European leaders to hold our monetary union together and make it more solid by establishing a banking union. And we made the OMT programme conditional on countries participating in an assistance programme with the European Stability Mechanism.