First Target2 data release sheds light on imbalances
Sovereign debt crisis sharply widened gaps between countries
The European Central Bank (ECB) shed new light on the sizeable imbalances in financial flows within the eurozone today (September 21), as it published data on Target2 balances for the first time.
Target, or the Trans-European Automated Real-time Gross Settlement Express Transfer System, is the eurozone's central payments system. As such, Target balances reflect the net claims and liabilities of national central banks against the ECB, and therefore provides information on cross-border financial
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