The sighs of relief from the ECB and eurozone finance ministries are almost audible.
It's worth emphasising just how successful the OMT programme has been in taking the heat out of the eurozone financial crisis. Of course, the wider economic challenges are still profound. OMT will not fix them. But it did bring real calm to the financial market dimension of the crisis, despite the fact that the ECB has not spent a single euro under the programme.