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To: ahhaha who wrote (19474)9/25/2011 7:27:36 PM
From: Elsewhere of 23552
 
Follow-up: my mentioning of the TARGET mechanism goes back to a discussion initiated by Prof. Sinn, Ifo Institute. Here is a paper on it:

Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility
Hans-Werner Sinn and Timo Wollmershäuser
24 June 2011, 47 pages
The full PDF text is available in a listing on this page: cesifo-group.de 

Meanwhile other economists have objected to Prof. Sinn. Here's an example:

Citigroup Global Economics View
Willem Buiter, Ebrahim Rahbari, Jürgen Michels
9 June 2011, 24 pages
TARGETing the wrong villain: Target2 and intra-Eurosystem imbalances in credit flows
nber.org 

In Sinn's paper he addresses the arguments of Buiter's group in an appendix and sticks to his view. Sinn proposes to introduce a mechanism in the ECB system which is equivalent to the "Interdistrict Settlement Account" of the US Federal Reserve system.
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