Target: An Obscure Aspect of the Eurosystem

Hans-Werner Sinn

Chapter Chapter 1 in The Economics of Target Balances, 2020, pp 1-7 from Springer

Abstract: Abstract Target balances result from previous net payment orders fulfilled by the national central banks (NCBs). They constitute claims on, and liabilities with, the Eurosystem and are mostly hidden as “other items” in the respective balance sheets of these NCBs. While the sum of all balances is zero by definition, the positive and negative balances alike have grown throughout the euro crisis reaching values way beyond €1.2 billion, with Germany as the biggest Target creditor and Italy and Spain as the biggest Target debtors. The development of the Target balances mirrors the course of the euro crisis.

Keywords: Target; Payment orders; Balance sheets; Eurozone crisis (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-50170-9_1

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DOI: 10.1007/978-3-030-50170-9_1

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