Outright Monetary Transactions (OMT)
Otmar Issing on the art of central bank communications
EMU architect critiques “whatever it takes”, forward guidance, Fed’s AIT and ECB’s strategy review
Was Draghi one of the great central bankers?
A look back at how Mario Draghi confronted the financial crisis and existential concerns about the euro
EU leaders pay tribute to Draghi as Lagarde takes ECB helm
Merkel, Macron and Mattarella praise outgoing central bank president as one of the fathers of the European project
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
ECB’s OMT and banking union rekindled financial integration – research
Subprime mortgage crisis interrupted progressively higher integration from 1995–2007
Weidmann accepts OMT as ministers discuss Draghi succession
Bundesbank president withdraws his opposition to OMT programme unveiled by Mario Draghi in 2012
ECB secondary bond purchases are legal, European Court of Justice says
European Union’s highest court rejects German activists’ claim that PSPP breached constitution
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
NPLs hindered financing for eurozone banks - Boston Fed paper
But Draghi’s August 2012 speech eased problems caused by sovereign debt holdings - researchers
German Constitutional Court rules in favour of ECB programme
Germany’s Federal Constitutional Court rules ECB may undertake outright monetary transactions, but sets strict conditions to be monitored by the German government
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
De Grauwe says Greek crisis has shaken OMT credibility
Belgian economist says ECB’s decision not to use OMTs because of fears over Greek solvency may have fatally damaged the policy’s credibility and consequently the stability of the eurozone
European Court of Justice hears case against OMTs
European Central Bank’s programme for buying sovereign debt to be considered by Europe's top court; ruling could have implications for monetary policy
ECB paper quantifies OMT benefits
OMT announcements depressed Italian and Spanish two-year government bond yields by roughly 200 basis points, but left their French and German equivalents ‘largely unaffected’
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
Opinion: The ECB is in danger of losing its voice
Mario Draghi's primary monetary policy tool - communication - may no longer be enough, says Patrick Artus of Natixis
Bundesbank stands firm on risks posed by non-standard policy
Annual report reiterates German concerns that non-standard policies pose a threat to central bank independence; Weidmann says wintry economic conditions are beginning to warm
ECB ‘obliged' to introduce OMT to defend price stability, Draghi tells Bundesbank
ECB president Mario Draghi tells a Bundesbank symposium in Frankfurt that OMTs build on the doctrine adhered to by the German central bank for several decades
IMF praises ‘dramatic’ turnaround in Spanish bank sector
Final report on Spain’s financial sector reform programme says ‘steadfast’ implementation paid dividends, but warns of a number of alarming trends still prevalent in the financial sector
ECB's Praet defends ‘innovative' OMTs
Redenomination risk premia, as faced by the ECB in the eurozone crisis, was a new challenge for central banks that needed a new solution: outright monetary transactions
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision