Under the OMT, the ECB pledged to purchase government bonds of peripheral Eurozone nations in unlimited quantities on the secondary market to keep borrowing costs down, so long as the debtor nations first applied for assistance from the European Stability Mechanism (ESM) and agreed to the attendant conditions.

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There is no hard-and-fast decision rule or trigger mechanism to which he or she must adhere in deciding whether supply conditions in the oil market justify an intervention.

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