The ECB stands ready to undertake, under appropriate conditions, what we have called outright monetary transactions (OMTs). These provide a fully effective backstop to avoid destructive scenarios that might threaten price stability in the euro area. •  Our OMT announcements have helped to support financial market confidence. The ECB’s actions can help to build a bridge.
But the bridge must have a clear destination. •  Reaching that destination involves three processes: first, full implementation of fiscal consolidation and structural reforms to enhance competitiveness; second, full implementation of financial sector reform; and third, completion of a genuine economic and monetary union. The establishment of a Single Supervisory Mechanism (SSM) is a key step in these processes.