The OMT communication – unusual as it was in substance, for the ECB and probably for the entire community of central banks – was in fact strictly coherent with our general  5  I am referring here to the Buiter-Issing debate. See Buiter, W. (1999), “Alice in Euroland”, CEPR Policy Paper No. 1; and Issing, O.
(1999), “The Eurosystem: Transparent and Accountable or ‘Willem in Euroland’.” CEPR Policy Paper No. 2. 4  BIS central bankers’ speeches  communication approach. It was a well-articulated frame of reference for our actions. And it was conditional. Two elements stand out.