The European Central Bank's bond buying programme dubbed as Outright Monetary Transactions will not cut spreads on government bonds indiscriminately, central bank's Executive Board member Benoit Coeure said Monday. "OMT would never be used to indiscriminately push down government bond spreads," he said in Berlin. Spreads should continue to reflect the underlying country specific economic fundamentals, fiscal positions and risk perceptions of markets. "The aim of OMTs is the exact opposite: a deterioration of fundamentals would induce the ECB to lower or even stop OMT intervention," added Coeure. Concluding the speech, he said OMTs are necessary from a monetary policy perspective and effective in counteracting the destructive market turmoil. Coeure said, "OMTs are not just words: the ECB is fully prepared to use them." "But even if euro area member states comply with the conditions, there is no automatism to activate OMTs."