The fears of euro reversibility are linked in the first place to concerns about the sustainability of the public debt and the competitiveness of some member countries. For this reason the activation and continuation of OMTs are subject to specific commitments regarding the public finances and structural reform, as part of assistance programmes.
The financing of the programmes with the ESM’s resources is an incentive to strengthen the governance of the Union further. Monetary policy can guarantee stability only if the euro area’s economic fundamentals and institutional architecture are consistent with it. Confidence in the irreversibility of the euro is the key.