In August 2012, the Governing Council introduced outright monetary transactions (OMTs) with the aim of safeguarding the smooth transmission and singleness of monetary policy. OMTs provide for the purchase of government securities at the short end of the yield curve. Their use is subject to compliance, on the part of the countries concerned, with strict and effective conditions connected to the activation of a financial assistance programme by the European Financial Stability Facility/European Stability Mechanism (EFSF/ESM). There are no ex ante limits to the duration and size of interventions.
