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Targetsalden: Viel mehr als nur ein Haftungsrisiko

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  • Hayo Reimers

Abstract

The Target2 balances of the ESCB have become a focus of scholarly discussion. Triggered by a loss of international competitiveness and subsequent current account deficits in the EMU’s periphery states, they now constitute a default risk for the core states. But there is more to it: balance of payment disequilibria in a currency union are supposed to trigger money supply flows from surplus countries to deficit countries. Since they form the basis for readjustments in relative prices and competitiveness, they must not be neutralised by monetary policy. The ECB’s Target2 balances create precisely this neutralisation and thus undermine the self-adjusting mechanism of the EMU. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Hayo Reimers, 2014. "Targetsalden: Viel mehr als nur ein Haftungsrisiko," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(2), pages 133-141, February.
    • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:2:p:133-141
    DOI: 10.1007/s10273-014-1638-1
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    More about this item

    Keywords

    E58; F15; F41;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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