So, making OMT interventions conditional on a supranational surveillance framework that can monitor and safeguard the solvency of sovereigns – if and when this cannot be taken for granted – was a precondition for our action. OMTs have been effective in restoring market functioning and confidence in the integrity of the euro area.
Financial crises have demonstrated to impose large cleaning burdens to fiscal authorities. Hence, the protection of fiscal revenues is another rationale for prompt public intervention in order to reduce the frequency and the impact of crises, and to quickly and efficiently resolve them once they have materialized.