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The TARGET2 System: Solutions from a Dead End

In: European Union and Monetary Union in Permanent Crisis I

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

TARGET2 is a network of national central banks (NCBs) of the euro area for a single payment system as an essential part of a capital market union. In a multilateral clearing process, all intra-day bilateral liabilities and receivables are brought together and the resulting balances are transferred to the ECB at the end of a business day. This creates corresponding liabilities/receivables of these NCBs against the ECB, which testify to significant structural imbalances. The surplus countries hold unsecured, virtually valueless TARGET claims and are at high risk of blackmail in the event of a crisis. Different ways out of this dilemma are being developed.

Suggested Citation

  • Dirk Meyer, 2022. "The TARGET2 System: Solutions from a Dead End," Springer Books, in: European Union and Monetary Union in Permanent Crisis I, chapter 0, pages 279-301, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38643-6_14
    DOI: 10.1007/978-3-658-38643-6_14
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