I quote President Draghi’s promise that “Within [its] mandate, the ECB is ready to do whatever it takes to preserve the euro”.2 OMT is a conditional promise to buy in the secondary market without limit government bonds of selected Euro area countries. OMT has worked and remarkably, there has so far not been any need to activate the program.
1  Rajan, R. (2013), A step in the dark: unconventional monetary policy after the crisis. Andrew Crockett Memorial Lecture, BIS, 23 June 2013. 2  Speech by Mario Draghi, President of the European Central Bank at the Global Investment Conference in London 26 July 2012 (www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html).