2/4  BIS - Central bankers' speeches  Financial stability in the euro area has proved robust so far, but we continue to assess possible risks, taking into account a wide range of indicators.2 Euro area banks' exposure to the recent banking sector stress which arose in other regions has been limited. But challenges to funding and asset quality may weigh on future profitability.
It is not the aim of OMTs to harmonise interest rates regardless of the differences between Member States’ macroeconomic or budgetary situation. Concerning the second condition, two euro area Member States are currently undergoing ESM macroeconomic adjustment programmes. However, none of these programmes allow primary market purchases through the ESM to the government bonds market.