In this setting, if financial markets fragment, it can lead to an asymmetric tightening of financing conditions and disrupt the transmission of monetary policy across the euro area. That is what we saw happening as the sovereign debt crisis progressed. But what allowed Europe to react effectively was commitment and flexibility.
The ECB’s response – announcing Outright Monetary Transactions – underlined its commitment to its mandate by reacting flexibly to the circumstances. This aimed at ensuring the effective 1/4  BIS central bankers' speeches  transmission of the Eurosystem’s monetary policy with a view to maintaining price stability.