While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this … paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … a weighted average of the ECB’s policy interest rates where (i) the relative country sizes and (ii) the uses of …

TARGET2 payment system and consider an exit from the ECB's accommodative monetary policy in order to scale back the high …

In the winter 2011/12 a wave of internal capital flight prompted the ECB to abandon its exit strategy and to announce … proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent …

In the winter 2011/12 a wave of internal capital .ight prompted the ECB to abandon its exit strategy and to announce an … theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent policy …

systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 …

systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 …