The interventions under the Securities Markets Programme are conducted on the secondary market. The purpose of these interventions is not to finance government borrowing. Rather, it is to restore depth and liquidity in dysfunctional segments of debt securities markets and thus ensure the proper functioning of the monetary policy transmission mechanism.
Concluding remarks  Let me come to a conclusion: we have gathered here in Delphi, the seat of the Delphic oracle. What would the oracle predict for Europe’s future? I will not try to guess.