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Das TARGET2-System: Lösungen aus einer Sackgasse

In: Europäische Union und Währungsunion in der Dauerkrise I

Author

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  • Dirk Meyer

Abstract

Zusammenfassung TARGET2 ist ein Verbund der nationalen Zentralbanken (NZBen) des Euroraumes zu einem einheitlichen Zahlungsverkehrssystem als wesentlicher Bestandteil einer Kapitalmarktunion. In einem multilateralen Verrechnungsverfahren werden alle innertäglichen bilateralen Verbindlichkeiten und Forderungen zusammengeführt und die so entstehenden Salden am Ende eines Geschäftstages auf die EZB übertragen. Damit entstehen entsprechende Verbindlichkeiten/Forderungen dieser NZBen gegenüber der EZB, die von erheblichen strukturellen Ungleichgewichten zeugen. Die Überschussländer halten unbesicherte, quasi wertlose TARGET-Forderungen und sind im Fall einer Krise einem hohen Erpressungspotenzial ausgeliefert. Es werden unterschiedliche Lösungswege aus diesem Dilemma entwickelt.

Suggested Citation

  • Dirk Meyer, 2022. "Das TARGET2-System: Lösungen aus einer Sackgasse," Springer Books, in: Europäische Union und Währungsunion in der Dauerkrise I, edition 2, chapter 14, pages 287-309, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-35715-3_14
    DOI: 10.1007/978-3-658-35715-3_14
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