Monetary policy can guarantee stability only if the euro-area’s economic fundamentals and institutional architecture are consistent with it. Every country must do its part. The announcement of OMTs produced immediate benefits: medium and long-term yields in the countries under pressure decreased and the fragmentation of markets along national borders was attenuated.
Albeit with fluctuations linked to the remaining, pronounced uncertainty about the determination of all the member states to proceed with the strengthening of the Union, the yield spreads between euro-area government securities remained on a downward trend. That between ten-year BTPs and Bunds is about 250 basis points today.