Reversal of that process will likely not occur until the three key elements of banking union – common supervision, common deposit insurance, and a common resolution fund – are within tangible reach. Indeed, if Spanish savers become truly afraid of redenomination risk in the interim, the OMT will not matter: they will just take their cash and deposit it as quickly as possible in, say, a German bank.
OMT计划将放松信用条件，但并不一定能够逆转过去三年来欧元区金融分裂的趋势。逆转这一趋势在银行联盟的三大关键要素——共同监管者、共同存款保险和共同清算基金——都切实具备之前是不可能的。事实上，如果西班牙储蓄者真的担心在存款存续期间发生重新计价事件，那么OMT有没有都一样：他们会简单地尽快把现金和存款取出存入（比如）德国银行。