This strict conditionality, compliance with which is to be independently assessed by the European Central Bank from the monetary policy perspective, ensures that the Member States concerned apply sufficient budgetary discipline and carry out structural reforms, to achieve a sustainable budgetary position. For the implementation of OMTs, as for other monetary policy operations of the European Central Bank, creditworthiness and risk management rules apply.
In this way an excessive default risk is avoided. It should be added, that the European Central Bank will not carry out any purchases using OMTs during the review of an ESM assistance programme. This also ensures that market conditions are not directly influenced by European Central Bank purchases whilst the programme is being assessed by the Troika.