Two Years into the European Rescue Package – A Review and Outlook

However market participants may interpret the latest initiative by the European Central Bank (ECB) to resolve the European crisis, the hope is that the Outright Monetary Transactions (OMT) scheme is another important step towards bringing the crisis to an end. Even before the announcement of the OMT in early September, a number of encouraging indications were emerging to suggest that the crisis was entering its denouement.