“We strongly welcome the ECB’s new framework, the Outright Monetary Transactions (OMT), for intervention in sovereign bond markets of countries accepting EFSF and ESM support for their macro-economic adjustment programmes and adhering to the associated structural and fiscal reform efforts. The IMF stands ready to cooperate within our frameworks.
“Decisive implementation of the new intervention programme will help repair monetary transmission, and support countries’ efforts to secure finance at a reasonable cost while they undertake sustained macro-economic adjustment. We see the ECB’s action as an important step toward strengthening stability and growth in the euro area.”