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Notes on the Role of TARGET in a Stage III Crisis

  • Peter M. Garber

When Stage III of EMU begins on January 1, 1999, member countries will irrevocably lock exchange rates, and interbank payments in euros will commence. Will the ensuing respite from Stage II instabilities be permanent or only the eye of the storm? Can Stage III itself be subject to an attack that forces a realignment of the of the system? The key question for this paper is how the infrastructural arrangements designed to underpin the monetary union will emerge to determine capital flow dynamics in a crisis and accentuate potential cross-border flows. The answer lies in the details of the TARGET payment system, which can provide the inter-central bank credit necessary to fund an attack.

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File URL: http://www.nber.org/papers/w6619.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6619.

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Date of creation: Jun 1998
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Publication status: published as Garber, Peter M. "The TARGET Mechanism: Will It Propagate Or Stifle A Stage III Crisis?," Carnegic-Rochester Conference Series on Public PolicyP, 1999, v51(1,Dec), 195-220.
Handle: RePEc:nbr:nberwo:6619
Note: IFM
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  1. Michael G. Spencer & Peter M. Garber, 1992. "The Dissolution of the Austro-Hungarian Empire: Lessons for Currency Reform," IMF Working Papers 92/66, International Monetary Fund.
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