Under the OMT program, the ECB can replace foreign outflows from sovereign-bond markets through direct purchases, putting Spain on par with non-eurozone countries like the United Kingdom. And, to the extent that there is even an informal price target associated with the ECB’s commitment to purchase bonds, foreign outflows, at least from the sovereign-bond market, are automatically replaced, in full, with ECB cash.
在OMT计划下，欧洲央行可以通过直接购买将西班牙提升至与英国等非欧元区国家相同的水平，从而代替从主权债券市场逃离的外国资本。此外，由于欧洲央行的债券购买承诺包括了一个非正式的价格目标，因此外国资本外流——至少是从主权债券市场上的外流+——可以自动、完全地被欧洲央行的现金代替。