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TARGET2: The Creeping Risk of a Financial Nuclear Bomb

In: Breaking Up the Euro

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  • Dimitris N. Chorafas

Abstract

In his conference of October 4, 2012, Mario Draghi presented no new details in regard to the Outright Monetary Transactions (OMT) program, announced nearly a month earlier (chapter 6), though in a vague way he credited it with successes. He said that since the new ECB policy became public, the situation had already “relaxed a little,” the yield-and-risk increases for member countries’ sovereign bonds had ebbed, and capital flows within Euroland’s important TARGET2 balance sheet—in which national reserve banks write their assets, liabilities, and obligations toward each other and the ECB—goes by majority “in the right direction.”

Suggested Citation

  • Dimitris N. Chorafas, 2013. "TARGET2: The Creeping Risk of a Financial Nuclear Bomb," Palgrave Macmillan Books, in: Breaking Up the Euro, chapter 7, pages 145-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33229-5_7
    DOI: 10.1057/9781137332295_7
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