Abad, José M.; Löffler, Axel; Zemanek, Holger - Centre for European Policy Studies (CEPS) - 2011
This paper analyses the implications of a continued divergence of TARGET2 balances for monetary policy in the euro area. The accumulation of TARGET2 claims (liabilities) would make the ECB’s liquidity management asymmetric once the TARGET2 claims in core countries have crowded out central bank...
