  We report on the results of a four-year long X-ray monitoring campaign of the
central 1.2 square degrees of our Galaxy, performed with Chandra and XMM-Newton
between 2005 and 2008. Our study focuses on the properties of transient X-ray
sources that reach 2-10 keV luminosities of >1E34 erg/s for an assumed distance
of 8 kpc. There are 17 known X-ray transients within the field of view of our
campaign, eight of which were detected in outburst during our observations: the
transient neutron star low-mass X-ray binaries GRS 1741-2853, AX J1745.6-2901,
SAX J1747.0-2853, KS 1741-293 and GRO J1744-28, and the unclassified X-ray
transients XMM J174457-2850.3, CXOGC J174535.5-290124 and CXOGC
J174541.0-290014. We present their X-ray spectra and flux evolution during our
campaign, and discuss these results in light of their historic activity. Our
main results include the detection of two thermonuclear X-ray bursts from SAX
J1747.0-2853 that were separated by an unusually short time interval of 3.8
min. We detected a thermonuclear X-ray burst and a ~1600-s X-ray eclipse from
AX J1745.6-2901. Both XMM J174457-2850.3 and GRO J1744-28 displayed weak X-ray
activity above their quiescent levels that is indicative of low-level
accretion. In addition to the eight known X-ray transients, we discovered a
previously unknown X-ray source that we designate XMMU J174654.1-291542. Based
on its X-ray properties and the possible association with an infrared source,
we tentatively classify this object as a cataclysmic variable. No new
transients were found during our campaign, reinforcing the conclusion of
previous authors that most X-ray transients recurring on a time scale of less
than a decade have now been identified near the Galactic centre.
