Horst, Maximilian J.; Neyer, Ulrike - In: Credit and Capital Markets – Kredit und Kapital 55 (2022) 1, pp. 3-34
Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate interpretation and policy reaction – in particular in TARGET2 creditor countries such as Germany. Against this background, we examine the main drivers of the increases and...
