Eichengreen, B., (2013), “The ECB Grows Up”, www.project-syndicate.org, 9 August.
August 2 marked the first anniversary of the European Central Bank’s “outright monetary transactions” program, under which it stands ready to purchase government bonds on the secondary market. The ECB announced OMT in response to last summer’s panicked sales of southern European sovereign debt, which threatened to blow apart the eurozone.