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Economic Research

The EZ Balance of Payments Crisis: TARGET2 Debate Revisited

The TARGET2 imbalances reflect the underlying balance of payments crisis rather than its cause. The focus should thus turn toward fixing the sources of the real divergences that preceded the crisis, not toward restrictions on capital flows ex-post through collateralization or balancing requirements that would materialize the very sudden stop the ECB's unlimited lending operations are meant to prevent.

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