Two distinguished American academics, Darrell Duffie and Jeremy Stein (2015) highlight that reliable benchmarks should reduce search costs in over-the-counter markets and ensure that  10  The average is based on published ZARONIA rates for the period between 1 November 2022 and 11 April 2023.
BIS central bankers’ speeches  5  Even if the ECB were to decide – at its full discretion – to buy bonds under OMTs, governments will have to continue their reform efforts as required by the respective ESM programme and by IMF involvement. Otherwise, they would simply become ineligible for OMTs. Hence, no reforms, no OMTs.