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European Commission

MEMO

Brussels, 6 September 2012

Statement by Vice President Rehn following the decisions of the ECB Governing Council

The Outright Monetary Transactions scheme, agreed today by the Governing Council of the European Central Bank, should help restore investor confidence in the targeted sovereign bond markets while enhancing the functioning of the monetary transmission mechanism, within the ECB's primary mandate and in full independence.

The governments of vulnerable euro area Member States must continue to take determined action for sound public finances and sustainable growth and job creation. The pursuit of these policies will remain the responsibility of the governments concerned.

The Commission stands ready to play its part in the enhanced surveillance of strict and effective conditionality.


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