*  *  *  Madam Chair, Honourable members of the Committee on Economic and Monetary Affairs, It is a pleasure to be back here in Parliament and in front of your Committee for our regular exchange of views. •  As you know, the European Central Bank (ECB) has recently taken important decisions to address severe distortions in government bond markets.
The ECB stands ready to undertake, under appropriate conditions, what we have called outright monetary transactions (OMTs). These provide a fully effective backstop to avoid destructive scenarios that might threaten price stability in the euro area. •  Our OMT announcements have helped to support financial market confidence. The ECB’s actions can help to build a bridge.