The role of the ECB The second reason for the improvement in markets is actions by the ECB, notably through the announcement of Outright Monetary Transactions (OMT). Our measures have countered investors’ fears about the future of the euro area that emerged last year.
As such, they have helped restore the normal functioning of markets, and removed the uncertainty that was paralysing the economies of some countries. The impact of the OMT announcement has naturally been largest in countries where the uncertainty was greatest. But its effects have been felt across the euro area.