Seit einigen Monaten wird in der Fachliteratur und den Medien eine teils heftige Diskussion um die sogenannten Target2-Salden geführt. Vordergründig geht es dabei um ein Verrechnungssystem der Notenbanken der Eurozone. Laut Hans-Werner Sinn, der die Debatte angestoßen hat, haben die in diesem...

During and after the Great Recession of 2008/09, the European Central Bank (ECB) adopted far-reaching measures, including reductions in the main refinancing rate, a long-term refinancing operation (LTRO), outright purchases of selected government bonds (SMP), and more generous collateral...

This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks. Suspicion of a departure from the common currency induces a terminal outflow of central bank money in weaker member states. TARGET2 cannot inhibit this drain but only protects...