ilman rajoitetta, sillä rahoitus hoidetaan TARGET2-maksujärjestelmän sisällä, kunnes ei poliittisista syistä ehkä hoideta
3) koska kansantalouksien ja valtioiden rahoituskestävyyttä väistellään nykyään ideologisesti, esim. luottoluokittajat saattavat luokittaa valtioiden velkaa alemmalle ...
3) koska kansantalouksien ja valtioiden rahoituskestävyyttä väistellään nykyään ideologisesti, esim. luottoluokittajat saattavat luokittaa valtioiden velkaa alemmalle ...
October 10, 2025 at 7:06 AM
ilman rajoitetta, sillä rahoitus hoidetaan TARGET2-maksujärjestelmän sisällä, kunnes ei poliittisista syistä ehkä hoideta
3) koska kansantalouksien ja valtioiden rahoituskestävyyttä väistellään nykyään ideologisesti, esim. luottoluokittajat saattavat luokittaa valtioiden velkaa alemmalle ...
3) koska kansantalouksien ja valtioiden rahoituskestävyyttä väistellään nykyään ideologisesti, esim. luottoluokittajat saattavat luokittaa valtioiden velkaa alemmalle ...
TARGET2 balances are unconditional and indefinite balance of payments support. In EM, the equivalent is IMF programs, which mandate reforms. Not so in the Euro zone, where TARGET2 perpetuates bad economic and political equilibria in high-debt countries...
robinjbrooks.substack.com/p/ecb-yield-...
robinjbrooks.substack.com/p/ecb-yield-...
September 26, 2025 at 11:53 AM
TARGET2 balances are unconditional and indefinite balance of payments support. In EM, the equivalent is IMF programs, which mandate reforms. Not so in the Euro zone, where TARGET2 perpetuates bad economic and political equilibria in high-debt countries...
robinjbrooks.substack.com/p/ecb-yield-...
robinjbrooks.substack.com/p/ecb-yield-...
I see there are still people out there whining about TARGET2 balances. God bless em.
August 15, 2026 at 12:20 AM
I see there are still people out there whining about TARGET2 balances. God bless em.
For the longest time, France was a non-entity in the Euro zone's TARGET2 balances. But that's changed in recent years, with France now a debtor country. As a result, Germany's creditor balance is unchanged, even as Italy has been able to reduce its debtor status. Germany's always paying for someone.
September 25, 2025 at 5:21 PM
For the longest time, France was a non-entity in the Euro zone's TARGET2 balances. But that's changed in recent years, with France now a debtor country. As a result, Germany's creditor balance is unchanged, even as Italy has been able to reduce its debtor status. Germany's always paying for someone.
1️⃣ The first intricacy concerned the TARGET2 system, which connects the European Central Bank with the National Central Banks, and the infamous TARGET2 imbalances that exist between them
December 4, 2025 at 3:27 PM
1️⃣ The first intricacy concerned the TARGET2 system, which connects the European Central Bank with the National Central Banks, and the infamous TARGET2 imbalances that exist between them
The end of the Euro will mean Germany has to write off its TARGET2 claims. High-debt countries will have big devals and debt write-downs. This will make Europe stronger, not weaker. Everyone will be able to contribute on shocks like Ukraine, unlike now...
robinjbrooks.substack.com/p/what-the-e...
robinjbrooks.substack.com/p/what-the-e...
August 2, 2026 at 11:55 AM
The end of the Euro will mean Germany has to write off its TARGET2 claims. High-debt countries will have big devals and debt write-downs. This will make Europe stronger, not weaker. Everyone will be able to contribute on shocks like Ukraine, unlike now...
robinjbrooks.substack.com/p/what-the-e...
robinjbrooks.substack.com/p/what-the-e...
Karl has jumped. Follow him for monetary economics, central banks, banks, Irish economy and politics..... Author of the best ever treatise on Target2 on the internet.
Yep. That was it for me Tony. Thanks for the code.
December 10, 2023 at 9:58 AM
Karl has jumped. Follow him for monetary economics, central banks, banks, Irish economy and politics..... Author of the best ever treatise on Target2 on the internet.
Good morning from Tschörmänie where Target2 is about to kill us all (zis time for echt aber)
March 26, 2025 at 10:19 PM
Good morning from Tschörmänie where Target2 is about to kill us all (zis time for echt aber)
Kreikan tapauksessa ongelmana olivat sekä pitkään negatiivinen maksutase, joka kertyi TARGET2-taseisiin; mutta myös valtion kestämätön velkaantuminen. Kriisin laukaisi ennen kaikkea velkakriisi. Olen samaa mieltä siitä, että ko. kriisi hoidettiin huonosti.
October 10, 2025 at 8:52 AM
Kreikan tapauksessa ongelmana olivat sekä pitkään negatiivinen maksutase, joka kertyi TARGET2-taseisiin; mutta myös valtion kestämätön velkaantuminen. Kriisin laukaisi ennen kaikkea velkakriisi. Olen samaa mieltä siitä, että ko. kriisi hoidettiin huonosti.
If you thought listening to trade nerds was a mood, wait until you meet the payment systems nerds.
TARGET2 chats in 2011 come to mind. It’ll be a blast. @dsquareddigest.bsky.social and @thestalwartt.bsky.social should get the gang back together.
TARGET2 chats in 2011 come to mind. It’ll be a blast. @dsquareddigest.bsky.social and @thestalwartt.bsky.social should get the gang back together.
February 3, 2025 at 6:41 PM
If you thought listening to trade nerds was a mood, wait until you meet the payment systems nerds.
TARGET2 chats in 2011 come to mind. It’ll be a blast. @dsquareddigest.bsky.social and @thestalwartt.bsky.social should get the gang back together.
TARGET2 chats in 2011 come to mind. It’ll be a blast. @dsquareddigest.bsky.social and @thestalwartt.bsky.social should get the gang back together.
Target2 balances brain is infesting the US, I swear…
February 4, 2025 at 3:42 PM
Target2 balances brain is infesting the US, I swear…
Платих днес 7 евро фактура по банка и ми взеха 7.60 евро такса 🤗
Ама грешката е моя, цъкнал съм вместо SEPA превод, на TARGET2, което било мигновен превод (нещо като бившето RINGS). Поне научих нещо ново.
Ама грешката е моя, цъкнал съм вместо SEPA превод, на TARGET2, което било мигновен превод (нещо като бившето RINGS). Поне научих нещо ново.
January 5, 2026 at 3:15 PM
Платих днес 7 евро фактура по банка и ми взеха 7.60 евро такса 🤗
Ама грешката е моя, цъкнал съм вместо SEPA превод, на TARGET2, което било мигновен превод (нещо като бившето RINGS). Поне научих нещо ново.
Ама грешката е моя, цъкнал съм вместо SEPA превод, на TARGET2, което било мигновен превод (нещо като бившето RINGS). Поне научих нещо ново.
In EU, card transactions probably could leverage SEPA/Target2/T2 relatively easily, and revert to existing systems if the payments go outside EU. Of course it's no trivial feat to modify the way trillions worth of daily transactions are handled, but should be doable without much hassle to consumers.
April 7, 2025 at 8:48 AM
In EU, card transactions probably could leverage SEPA/Target2/T2 relatively easily, and revert to existing systems if the payments go outside EU. Of course it's no trivial feat to modify the way trillions worth of daily transactions are handled, but should be doable without much hassle to consumers.
For a more technical discussion of the accounting issues involved in cross border net and gross positions, this paper by @karstenkohler.bsky.social is an essential reference. www.postkeynesian.net/working-pape...
Gross capital flows and the balance-of-payments: a balance sheet perspective | PKES
Keywords: Gross capital flows, balance-of-payments, current account, imbalances, trilemma, TARGET2, sudden stop
www.postkeynesian.net
April 8, 2025 at 2:40 PM
For a more technical discussion of the accounting issues involved in cross border net and gross positions, this paper by @karstenkohler.bsky.social is an essential reference. www.postkeynesian.net/working-pape...
Every euro-exit scare so far priced a debtor leaving. The AfD's is a creditor leaving. Germany is the ECB's largest shareholder, holds a trillion-plus TARGET2 claim, and prices the benchmark curve. And you don't need Dexit to break EMU — just a Bundestag that vetoes every backstop.
September 7, 2026 at 7:26 AM
Every euro-exit scare so far priced a debtor leaving. The AfD's is a creditor leaving. Germany is the ECB's largest shareholder, holds a trillion-plus TARGET2 claim, and prices the benchmark curve. And you don't need Dexit to break EMU — just a Bundestag that vetoes every backstop.
It’s happening. Slowly and in the background, as always in Europe, but we’re getting there. We already have SEPA/TARGET2, European Payments Initiative work on Wero is underway, other national players like Vipps, Bizum, Twint, BLIK etc. are also reconsidering their positions on interoperability.
April 3, 2025 at 5:10 AM
It’s happening. Slowly and in the background, as always in Europe, but we’re getting there. We already have SEPA/TARGET2, European Payments Initiative work on Wero is underway, other national players like Vipps, Bizum, Twint, BLIK etc. are also reconsidering their positions on interoperability.
Between the Target2 wonk attempts and the French debate about cancelling the BdF's bond holdings, it's been a tough week to stick to my determination to never speak of central bank balance sheets again.
One day perhaps the French may wake up and discuss tiering on reserves and I will maybe unretire
One day perhaps the French may wake up and discuss tiering on reserves and I will maybe unretire
August 27, 2026 at 7:39 PM
Between the Target2 wonk attempts and the French debate about cancelling the BdF's bond holdings, it's been a tough week to stick to my determination to never speak of central bank balance sheets again.
One day perhaps the French may wake up and discuss tiering on reserves and I will maybe unretire
One day perhaps the French may wake up and discuss tiering on reserves and I will maybe unretire
Besser wäre wenn die EU weltweit nur noch in € zahlt und den eigenen Zahldienst "Target2" global verankert.
Das Ziel dabei den Petrodollar zu schwächen zu gunsten des Euro
Das Ziel dabei den Petrodollar zu schwächen zu gunsten des Euro
April 16, 2026 at 12:18 PM
Besser wäre wenn die EU weltweit nur noch in € zahlt und den eigenen Zahldienst "Target2" global verankert.
Das Ziel dabei den Petrodollar zu schwächen zu gunsten des Euro
Das Ziel dabei den Petrodollar zu schwächen zu gunsten des Euro
Man kann auch über SIC oder EuroSIC sowie TARGET2 arbeiten.
March 31, 2025 at 6:55 PM
Man kann auch über SIC oder EuroSIC sowie TARGET2 arbeiten.
Mietin, että tavallaa tuo ulkoinen rahoitusrajoite on käsitelty tuolla viittauksella Suomen EMU-jäsenyyteen. TARGET2:han takaa eurojen saannin, vaikka vaihtotase olisi alijäämäinen kroonisestikin. Siten vasta EKP:n ja EU-komission poliittinen päätös tuottaa nykyisin ulkoisen rahoitusrajoitteen.
July 26, 2025 at 5:06 AM
Mietin, että tavallaa tuo ulkoinen rahoitusrajoite on käsitelty tuolla viittauksella Suomen EMU-jäsenyyteen. TARGET2:han takaa eurojen saannin, vaikka vaihtotase olisi alijäämäinen kroonisestikin. Siten vasta EKP:n ja EU-komission poliittinen päätös tuottaa nykyisin ulkoisen rahoitusrajoitteen.
Namučio bih se da opišem koliko je ovo tehnički kompleksno. Za svaku transakciju uključene su dvije banke, klirinška kuća (Fina) i platni sustav za namiru (TARGET2) koji uopće nije u nacionalnom sustavu. Sami bančni sustavi imaju ogroman posao za interno postići tu brzinu, za veći broj transakcija.
October 3, 2025 at 12:17 PM
Namučio bih se da opišem koliko je ovo tehnički kompleksno. Za svaku transakciju uključene su dvije banke, klirinška kuća (Fina) i platni sustav za namiru (TARGET2) koji uopće nije u nacionalnom sustavu. Sami bančni sustavi imaju ogroman posao za interno postići tu brzinu, za veći broj transakcija.