Changing causes of the rocketing TARGET2 accounts imbalances in the Eurosytem and the balance of payments of Germany
To explain the surge of the TARGET2-related claims of the Bundesbank on the Eurosystem, the usual narrative tells that there are huge deposit flights out of the euro zone’s distressed countries’ banks, and that the withdrew funds are being reinvested on deposit accounts in German banks. However, the data of the German balance of payments show that there has not been any significant increase of foreign deposits in German banks since 2008, apart from a slight inflow in 2012. It is however posible to track the evolution of the main driving factors of the surge of The TARGET2-related claims of the Bundesbank on the rest of the Eurosystem
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