This strict conditionality, compliance with which is to be independently assessed by the European Central Bank from the monetary policy perspective, ensures that the Member States concerned apply sufficient budgetary discipline and carry out structural reforms, to achieve a sustainable budgetary position. For the implementation of OMTs, as for other monetary policy operations of the European Central Bank, creditworthiness and risk management rules apply.
Public investment, meanwhile, is projected to remain on a downtrend. On the price front, domestic corporate goods prices have continued to increase, mainly reflecting the rise in international commodity prices and the depreciation of the yen in the second half of last year. The year-on-year rate of change in consumer prices (excluding fresh food) has turned slightly positive.