Σχετικά με τις ροές κεφαλαίων απο την Γερμανία προς την περιφέρεια ,τα πακέτα διάσωσης και τα δάνεια των κεντρικών τραπεζών: Τα δάνεια της ΕΕ προς την Ελλάδα, την Ιρλανδία και την Πορτογαλία, είναι μόνο η κορυφή του παγόβουνου ενός νέου συστήματος μεταφοράς που λειτουργεί στην ευρωζώνη από την πίσω πόρτα. Είναι με τη μορφή του TARGET2.
"Germany as Currency Manipulator"
PIMCO | - TARGET2: A Channel for Europe’s Capital Flight
Its full name is more than a mouthful. Trans-European Automated Real-time Gross Settlement System is better known as TARGET2 for short. It is the behind-the-scene payments system that conveniently enables citizens across the euro area to settle electronic transactions in euro. And at just over €500 billion, its TARGET2 claim on the Eurosystem is also the largest and fastest growing item on the Bundesbank’s balance sheet, as well as a source of much misunderstanding and debate
Money doesn’t die unless hyperinflation renders it worthless. When
the European Central Bank (ECB) creates money, as it currently is doing
in grand style, it must end up somewhere. The allocation of TARGET2
balances among the seventeen national central banks, which together with
the ECB make up the Eurosystem, reflects where the market allocates the
money created by the ECB. The fact that the Bundesbank has a large
TARGET2 claim (asset) on the Eurosystem, while national central banks in
southern Europe and Ireland together have an equally large TARGET2
liability, simply reflects that a lot of the ECB’s newly created money
has ended up in Germany. Why? Because of capital flight.
Countries in southern Europe generated persistent current account
deficits since joining the euro in 1999, some of them large. A current
account deficit means a country spends more in total than it earns. That
extra spending is financed by borrowing from abroad. The source for
such borrowing comes from a current account surplus country, like
Germany. Since the euro eliminated exchange rate risk among its member
states, Germany has invested a substantial portion of its savings in
Europe’s current account deficit countries. Some of those savings are
now returning home. That’s the capital flight.
Enter the ECB. The ECB stepped into the void left by foreign
investors pulling their savings out of these current account deficit
countries by lending their banks more money. TARGET2 balances thus
reflect intra-Eurosystem credits among the national central banks
sharing the euro. When large capital flight to Germany occurred before
the euro’s introduction, the deutschemark would appreciate against other
European currencies. While pegged against the deutschemark, these
exchange rates were still flexible. That flexibility disappeared with
the euro. When capital flight occurs today, the Bundesbank effectively
ends up with loans to the other national central banks that are
reflected in the TARGET2 claims on the Eurosystem.
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