The dispute over the balances in the European payment system Target 2 has been brought in any of the Land so intensively and in part to hurtful – bitter, as in Germany.
Unity is not achieved by the combatants, but the last round of discussions from the past year, at least: The dangers of the balances are not claimed to be likely to be so large as occasionally as long as a member leaves the monetary Union. A large country should leave the currency Union, the target balances are a significant Problem.
The increase in the balances in the European as in the American payment system since the spring back is without a doubt in no small part to the very expansionary monetary policy, which will probably find no end. But the Central banks should think, when the crisis is over, also due to the fact that in the crisis formed holdings of securities to reduce. This would be not only from a monetary policy point of view, strongly advisable. It would also lead to a significant reduction of the balances in the payment systems.
