swissaustrian
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ZH and other blogs have extensivly written about TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System 2), the system of the Eurozone which manages the (im-)balance of payments between Eurozone member countries. The charts below show how HUGE sums of money are beeing quietly transferred out of the banking systems of the weakest countries to mainly Germany plus the Netherlands, Luxemburg and Finnland This has to be one of the largest (stealth) bank runs EVER. First more details on the system:
Now the charts. All numbers are in BILLION Euros (€). The names of the countries are in German, but I think you'll understand them. The word "Salden" means balances:
Same chart with cumulative PIIGS balance
Germany, Netherlands, Luxemburg and Finnland VS the PIIGS
And the only crisis country with an improving TARGET2 account is ... IRELAND:
Germany's central bank (Bundesbank) is effectively holding the Eurozone together.
More charts here: http://www.querschuesse.de/target2-salden/
http://en.wikipedia.org/wiki/TARGET2TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET2 is the second generation of TARGET. Payment transactions are settled one by one on a continuous basis in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 mainly settles operations of monetary policy and money market operations. TARGET2 has to be used for all payments involving the Eurosystem, as well as for the settlement of operations of all large-value net settlement systems and securities settlement systems handling the euro. TARGET2 is operated on a single technical platform. The business relationships are established between the TARGET2 users and their National Central Bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world.
...
Relation to European sovereign debt crisis
TARGET2 provides "automatic central bank funding for EMU countries suffering capital outflows provided through it".
In the context of the European sovereign debt crisis (2009- ), these TARGET2 balances have grown, and gained attention. Financial commentator David Marsh, writing in early 2012, noted the balances would "have to be shared out by central banks throughout the Eurosystem ... if EMU fragments into constituent parts. So the pressure on Germany is to keep the balances growing, in order to avoid crystallization of losses that would be hugely damaging not just to Berlin but also to central banks and governments in Paris and Rome". According to a study of the German Ifo Institute for Economic Research IFO the TARGET2 system may be one of the mechanisms by which Eurozone deficit countries have been fighting their financing problems during the debt crisis. In early 2012, Bundesbank chief Jens Weidmann wrote a letter to ECB head Mario Draghi on the subject which "found its way into the columns of the conservative Frankfurter Allgemeine Zeitung newspaper[. It] appeared to suggest more secure collateralization for the overall ECB credits to weaker EMU central banks, which now amount to more than €800 billion under the ESCB’s TARGET2 electronic payment system," Marsh noted in his subsequent column.
Now the charts. All numbers are in BILLION Euros (€). The names of the countries are in German, but I think you'll understand them. The word "Salden" means balances:

Same chart with cumulative PIIGS balance

Germany, Netherlands, Luxemburg and Finnland VS the PIIGS

And the only crisis country with an improving TARGET2 account is ... IRELAND:

Germany's central bank (Bundesbank) is effectively holding the Eurozone together.
More charts here: http://www.querschuesse.de/target2-salden/