Taken together, these actions show that clear progress is being made towards addressing the fundamental causes of our current challenges. Deficits are being reduced. Rebalancing is happening. And governance is being reformed. Actions by the ECB to ensure price stability Let me turn to the ECB’s recent actions.
We have played a role in improving overall confidence by removing unfounded fears about the euro area that were affecting our ability to ensure price stability – notably through our recent announcement of Outright Monetary Transactions, or OMTs. Let me briefly explain the rationale for this decision. The euro area has experienced a very severe fragmentation in its financial markets.