To this end, the Bank judged it important to take the following basic stance on monetary policy: (1) to continue with monetary easing in a sustainable manner and (2) to make nimble and effective responses without hesitation to counter changes in developments in economic activity and prices, as well as in financial conditions.
OMTs have a number of characteristics: they require the government concerned to accept a programme involving support by the European Stability Mechanism that entails strong and effective conditionality. Such conditionality is important in particular to preserve monetary policy independence. Interventions would be ex ante unlimited, which is essential to ensure their effectiveness.