Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I am recounting the narrative. According to Mr. Draghi and the other ECB officials, it is a policy device to deal with a systemic crisis across the eurozone. By definition, if that happens, several countries will need and get that assistance under certain conditions. Because there is conditionality, they would be in some kind of programme, so they would fulfil the precondition of being in a programme. It is all theory. It has never happened and OMT has never been used. It was a great announcement which calmed down the eurozone without anyone spending any money. I have assurances along those lines.

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