Countries whose bonds are purchased need to be on an adjustment programme. To date, there has been no need to activate OMTs. The announcement of the availability of the OMT has sufficed.   Finally, in the summer of 2013, the ECB changed its monetary policy communication strategy to include forward guidance on the policy rate.
Addressing the fundamental weaknesses in the EU’s architecture The ECB, of course, has not been alone in reacting to the crisis. The crisis brought to the surface the fundamental weaknesses in the EU’s institutional structure. As a result, important initiatives have either been taken or are in the process of being taken at the EU level.