24/10/2012 (Agence Europe) - Mario Draghi defends debt repurchasing. The president of the European Central Bank (ECB), Mario Draghi, has declared that the Outright Monetary Transactions programme (OMT), which will enable the ECB to repurchase public debt, will not have inflationary repercussions. In a speech at the Bundestag he explained to German MPs that, “we have devised our operations so that their effect is neutral on monetary conditions”. Intervention will be specifically devised to avoid, “concealed funding from governments”. According to Draghi, the OMT do not in any way encroach on the independence of the ECB or involve Eurozone taxpayers having to contribute. Draghi also indicated that according to the forecasts from his institution, the economy would remain weak in the short term with “deplorably high levels of unemployment”. Nonetheless, the ECB forecasts a very gradual recovery next year. (EL/transl.fl)