Without the ECB’s willingness to buy a potentially unlimited volume of sovereign bonds to achieve its very imprecise objective of mitigating redenomination risk, the eurozone would have been doomed to recurring episodes of internal funding stress. The OMT program breaks the volatile liquidity cycle that stems from chronic shortages of bank collateral and a limited fiscal transfer mechanism.
如果欧洲央行不愿购买实质无限量的主权债券以达到降低重新计价风险这一极不精确的目标，欧元区就注定会一再发生内部融资压力。OMT计划打破了由于银行抵押品长期短缺和财政转移支付机制效力不足导致的高波动的流动性周期。