The Bundesbank was therefore very critical of some of the measures taken. Here I am referring to the government bond purchase programme in May 2010. Under the Securities Markets Programme (SMP), Greek bonds were initially purchased; the programme was later extended to include Irish and Portuguese government bonds. From the summer of 2011, Spanish and Italian bonds were also added to the programme.
I am also, however, thinking of the OMT programme adopted in the summer of 2012, which replaced the SMP and which still exists today. Unlike the SMP, the OMT programme potentially envisages unlimited purchases, which, however, are conditional on the successful implementation of an adjustment programme.