Bundesbank ECB - Target2 - facts and discussion, last upd:2012/4/13

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				Dear reader,
				German econ professor and director of German Ifo think tank. Hans-Werner Sinn has sparked a debate first in Germany and now reaching far beyond about the problems arising or just not within the imbalances of the ECB central bank clearing system. In order to give a broad range of facts and opinions here is a collection of articles:  Interpreting TARGET2 balances (BIS) Working Papers No 393 December 2012
				Ifo Working Paper No. 105 (ger)
				ifo Spezialthema: Target-Salden (ger)
				charts: Target balances jan 1999 (2007) - jan 2012 of central banks (ger)
				ECB: Target2
				Irish CB: Information guide for Target2 users  (pdf)
				Bundesbank: TARGET2reasons for introduction # (pdf)
				19 November 2007 - TARGET2successfully launched
				TARGET (Wiki)
Apr	3rd	2012		Target2 debate, Part II
Apr	3rd	2012		Why is there no TARGET2 debate in the US?
Mar	31st	2012	#	Credit risk dispute:  "Germany can be blackmailed" #(sueddeutsche)
Mar	23rd	2012	#	"Bundesbank belittles a financial atomic bomb"  #(Die Welt)
Mar	14th	2012	#	How a justified criticism of Target2 could look like #(Kantoos Economics)
Mar	13th	2012	#	Olaf Storbeck: The U-turn which wasn't one-The BuBa and Target2 #(Handelsblatt)
Mar	13th	2012		Soaring Target2 Imbalances Stoke German Risk Angst: Euro Credit *B
Mar	12th	2012	#	Jens Weidmann (Bundesbank): What's behind the Target2 balances #(FAZ)*A
Mar	12th	2012	#	Target2: and what's really behind it #(Handelsblatt)
Mar	12th	2012	#	Bundesbank goes on the offensive in Target debate #(FAZ)
Mar	10th	2012	#	Ex-BuBa pres. Schlesinger:"ECB flooding reminds one of war financing"#(Die Welt)*3
Mar	10th	2012	#	HW Sinn: Fed versus ECB: How Target debts can be repaid #(voxeu)*8
Mar	9th	2012	#	Why it makes sense (Sinn) to think about Target2 #(blog.insm)*9
Mar	8th	2012	#	Mar 08th 2012 Can a relocation of collateral within ECBS make sense? #(Handelsblatt) *7
Mar	7th	2012	#	Wolfgang Münchau. This way it makes Sense(Sinn) #(Der Spiegel) *3
Mar	7th	2012		Collateral is key for target debate (bruegel) *2
Mar	7th	2012	#	Target2 deficits: Why thecurrent account is not important # (Handelsblatt)
Mar	7th	2012		Target 2 of the ECB vs. Interdistrict Settlement Account of the Federal Reserve*1
Mar	7th	2012		German newspaper 'Die Zeit':ECB refuses Target2 reform #(Saarbrücker Zeitung)
Mar	7th	2012	#	Draghi & Weidmann: Central bankers as pen pals #(FTD)
Mar	7th	2012		TARGET imbalances: Financing the capital-account reversal in Europe (voxeu)
Mar	6th	2012		Is Jens Weidmann Right About Bundesbank Target2 Risks? (creditwritedowns)
Mar	6th	2012	#	Blog entry by HW Sinn - answer to blog entry by Mr Sievert #(wirtsch.Freiheit) *6
Mar	3rd	2012	#	Blog entry by Olaf Sievert - open letter to HW Sinn #(wirtsch. Freiheit) *6
Mar	3rd	2012	#	HW Sinn: The pighead among professors of economy #(FAZ)
Mar	3rd	2012		Euro-Zone Central Bank System Massively Imbalanced
Mar	2nd	2012		Pimco:TARGET2: A Channel for Europe’s Capital Flight
Mar	2nd	2012	#	Target2 US edition #(blog.zeit.de)
Mar	2nd	2012		Bundesbank: Balances in the TARGET2Payments System – a Problem? (pdf) *5
Mar	2nd	2012		Jean Pisani-Ferry: Don’t confuse symptom and disease!
Mar	2nd	2012		Weidmann’s ECB agitation more dangerous than Weber
Mar	1st	2012	#	The problem of the Target2 balances #(FAZ)
Mar	1st	2012		Bundesbank lectures ECB
Mar	1st	2012	#	Bundesbank demands better collateral from ECB #(FAZ)
Mar	1st	2012		What is the meaning of TARGET balances?
Mar	1st	2012	#	Bundesbank goes bananas ? #(Die Zeit)
Mar	1st	2012		Disquiet within ECB laid bare after cash injection
Feb	29th	2012	#	Eurocrisis: The cloc is ticking # (Die Presse/at)
Feb	27th	2012	#	Top economist Hans-Werner Sinn and the billion € bomb #(Der Spiegel)
Feb	26th	2012	#	Hans-Werner Sinn: FED vs ECB How to satisfy a Target debt # (FAZ) *4
Feb	26h	2012	#	Is the ECB financing current account deficits ? (blog.zeit.de)
Feb	18th	2012	#	Interview: Economist Hans-Werner Sinn: "We are trapped" #(FAZ)
Feb	1st	2012		Bundesbank sinks deeper into debt saving Europe
Jan	18th	2012	#	Wolfgang Münchau: We're fighting the wrong crisis #(Der Spiegel)
Jan	9th	2012		Martin Wolf:The delicate balance of fixing the eurozone
Dec	11th	2011		The fuss about TARGET2
Dec	8th	2011		How German taxpayers prop up Italy
Dec	6th	2011		Karl Whelan: Worse than Sinn
Dec	6th	2011		Izabella Kaminska: How Germany is paying for the Eurozone crisis anyway
Dec	6th	2011		Eurozone Crisis, Act Two: Has the Bundesbank reached its limit? (VoxEU)
Oct	14th	2011		Target2debate – The ECB finally gets involved
Oct	13th	2011	#	ECB dissents Sinn on Target2 #(Handelsblatt)
Sep	6th	2011		Making sense of Target imbalances new
Aug	31st	2011	#	The European payment balance crisis # (Ifo Schnelldienst) pdf 100pages
Jun	16th	2011	#	Hans-Werner Sinn, Target 2 and no end #(Die Zeit)
Jun	14th	2011	#	Hans-Werner Sinn and the demagogy #(Handelsblatt)
Jun	10th	2011		The ECB’s Target2activities are not constraining German credit growth
Jun	9th	2011		Professor Sinn misses the target
Jun	9th	2011		Buiter,Rahbari,Michels:Target2and intra-Eurosystem imbalances in credit flow (pdf)
Jun	9th	2011		The ECB is not conducting a stealth bailout
Jun	1st	2011		Felix Salmon: How Europe’s central banks are staving off catastrophe
May	19th	2011		ECB publishes TARGET Annual Report 2010: the system functioned smoothly and registered a higher turnover new
Feb	18th	2011	#	Sinn: Criticism on Bundesbank crisis help #(WiWo)
				#  = German language
				*1 = via @lostgen
				*2 = via @SonyKapoor
				*3 = via @Tiefseher
				*4 = via @Econgirl
				*5 = via @Alea
				*6 = via @SZ_Wirtschaft
				*7 = via @Olaf_Storbeck
				*8 = via @eparisicapone
				*9 = via @insm
				*A = via @FAZ_Wirtschaft
				*B = via @izakaminska
				A comment by the blog-author on this subject is available here
				Mar 4th: Comments by readers are welcomed and link suggestions being checked and considered to be added in the list above.