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Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB


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  • Hans-Werner Sinn
  • Timo Wollmershäuser



Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Insbesondere Griechenland, Irland, Portugal und Spanien wiesen in der Vergangenheit Leistungsbilanzdefizite auf, die sich bis März 2011 auf 314 Milliarden Euro akkumulierten. Dies entspricht dem Stand der aggregierten Target-Salden, die in den Bilanzen der nationalen Notenbanken dieser Länder ausgewiesen werden. Diese Notenbanken finanzierten die Leistungsbilanzdefizite durch Schaffung neuen Zentralbankgeldes, das durch Kreditvergabe an die heimischen Banken entstanden ist und das in die Kernländer des Euro-Währungsraums, insbesondere nach Deutschland, über das Target-Zahlungssystem geflossen ist. Dieser Zufluss von Zentralbankgeld verdrängte die Kreditvergabe der dortigen nationalen Notenbanken. Die Europäische Zentralbank hat somit eine öffentliche Finanzierung der Leistungsbilanzdefizite der Peripherie des Währungsraums ermöglicht, zu der private Kapitalgeber nicht mehr bereit waren.

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Bibliographic Info

Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 105.

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Date of creation: 2011
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Handle: RePEc:ces:ifowps:_105

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Keywords: Währungsunion; Zahlungsbilanz; Bail-out; Zahlungssystem;

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