As things currently stand, Member States have conferred control over both macroeconomic policy levers to the supranational level: (i) fiscal policy is formulated within the confines of the European Semester (aka “Economic Governance”) in accordance with strict rules on debts, deficits, and pursuant to the singleness of the Single Market, and (ii) monetary policy is trusted with the ECB. I remain of the view that OMT undermines the European value of democracy, as the ECB—a technocratic body—was offering a quid pro quo to elected governments in exchange for “strict conditionality” which is code language for enhanced austerity under the auspices of another technocratic institution: the European Stability Mechanism.