Norm-conserving pseudopotentials are generated on the basis of the opt
imized potential method (OPM), combining the exact exchange with two d
ifferent correlation functionals, i.e., the orbital-dependent form of
Colle and Salvetti (CS) [Theor. Chim. Acta 37, 329 (1975)] and the loc
al density approximation (LDA). Application of both types of OPM pseud
opotentials to a number of diatomic molecules leads to substantially d
ifferent predictions for spectroscopic constants, thus indicating the
importance of a suitable choice for the correlation functional to be u
sed in the OPM context. Moreover, while the CS values are closet to th
e experimental data, our results nevertheless indicate that a really a
dequate correlation functional for use with the exact exchange is not
yet available. In any case, both variants of the OPM-based pseudopoten
tials show an improved transferability compared with standard LDA pseu
dopotentials. [S1050-2947(98)03811-6].