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Die Target-Salden in der Eurozone: "Falle" oder Scheinproblem?

Author

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  • Eger, Thomas
  • Weise, Peter

Abstract

Das Target-System, das zur Erleichterung von Geldüberweisungen zwischen Ländern der Eurozone etabliert wurde, stößt seit etwa zehn Jahren seitens einiger, insbesondere deutscher Ökonomen, auf vehemente Kritik, die durch Hans Werner Sinn ausgelöst wurde. Anlass für diese Kritik waren die beträchtlichen Ungleichgewichte zwischen erheblichen Netto-Zahlungseingängen in einigen Kernländern und Netto-Zahlungsausgängen in Ländern der Peripherie der Eurozone, die sich im Anschluss an die Finanz- und Staatsverschuldungskrise seit 2007/08 aufbauten. Allein Deutschland erreichte einen positiven Target-Saldo, d. h. Netto-Zahlungseingänge, in Höhe von ca. 1 Billionen Euro. Was bedeuten nun diese hohen positiven und negativen Salden für die betroffenen Volkswirtschaften? Um diese Frage zu beantworten, werden die den Zahlungsvorgängen zugrundeliegenden typischen Transaktionen sowie deren Auswirkungen auf die Target-Salden dargestellt. Dadurch wird transparent, wie die Target-Salden tatsächlich zustande kommen und welche möglichen Risiken mit ihnen verbunden sind. Es wird dann auch deutlich, welchen rechtlich-ökonomischen Inhalt die betreffenden Forderungen und Verbindlichkeiten haben. Während die Target-Kritiker in den hohen Target-Salden ein beträchtliches Risiko für den deutschen Steuerzahler sehen, zeigt das vorliegende Paper, dass es sich um ein Scheinproblem handelt.

Suggested Citation

  • Eger, Thomas & Weise, Peter, 2020. "Die Target-Salden in der Eurozone: "Falle" oder Scheinproblem?," Discussion Papers 1/20, Europa-Kolleg Hamburg, Institute for European Integration.
    • Handle: RePEc:zbw:ekhdps:120
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    EZB; Eurokrise; Target2;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F0 - International Economics - - General
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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