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Nature of TARGET2 Imbalances

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  • Szécsényi, Péter

Abstract

There is no consensus among economists regarding the nature of TARGET2 assets and liabilities recorded on the balance sheets of euro area national central banks, the exact reasons for their build-up in recent years and the possible ways of their mana-gement. The paper points out that TARGET2 balances are shaped concurrently by endogenous and exogenous factors. The common banking supervision system and the quantitative easing programme of the ECB may ease the imbalances, reduce the dynamics of TARGET2 balances, and alleviate currently perceived risks.

Suggested Citation

  • Szécsényi, Péter, 2015. "Nature of TARGET2 Imbalances," Public Finance Quarterly, Corvinus University of Budapest, vol. 60(3), pages 342-356.
    • Handle: RePEc:pfq:journl:v:60:y:2015:i:3:p:342-356
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    File URL: https://unipub.lib.uni-corvinus.hu/8836/
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    More about this item

    Keywords

    interbank settlements; euro area; imbalance; monetary policy; TARGET2;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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