Whither the TARGET2 System Taking a Glance at the Real Economic Facets of the Euro-Area Debt Crisis
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Whither the TARGET2 System Taking a Glance at the Real Economic Facets of the Euro-Area Debt Crisis
Fahrholz, Christian | Freytag, Andreas
Applied Economics Quarterly, Vol. 57 (2011), Iss. 1 : pp. 15–25
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Faculty of the graduate program Global Financial Markets at the Friedrich-Schiller-University Jena; Bachstr. 18k, D-07743 Jena.
Professor of economic policy at the Friedrich-Schiller-University Jena and honorary professor at the University of Stellenbosch in South Africa; Carl-Zeiss-Str. 3, D-07743 Jena.
Cited By
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Target2: The Silent Bailout System That Keeps the Euro Afloat
Blake, David
Journal of Risk and Financial Management, Vol. 16 (2023), Iss. 12 P.506
https://doi.org/10.3390/jrfm16120506 [Citations: 0]
Abstract
The TARGET2-system impedes economic recovery within the EMU. Hard budget constraints are a key to kick-start structural reforms in some EMU-member countries. However, the TARGET2-system is not only aggravating real misalignments but also softening budget constraints. The authors argue that the European settlement system is not only a monetary issue but of
JEL Classification: E02, E42, E44, E63, H63