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Research Paper (postgraduate) from the year 2012 in the subject Economics - International Economic Relations, grade: keine, , course: Applied Economics, language: English, abstract: In 1999, TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) was introduced as a payment system for the EURO. In 2007, it was replaced by TARGET2. TARGET2 serves the daily transfer of money between the participating banks. With the collapse of interbank transactions in Europe as a result of the financial crisis, the European System of Central Banks (ESCB) was forced to take action in order to assure the necessary liquidity for capital outflows and the purchases of goods between European countries. The requirements for collateral for granting bank loans have been successively reduced. This has led to a situation where the EURO system has replaced the interbank market to a large extent. The majority of cross-border financing requirements of the banks are no longer satisfied by loans made between the commercial banks of the participating countries themselves; the commercial banks in the importing countries refinance themselves through their national central banks and the cross-border payments are handled by the European Central Bank (ECB) and thus by the TARGET2 system. The national central bank of the exporting country then receives a claim against the ECB and the national central bank of the importing country receives a corresponding liability. The Deutsche Bundesbank (German Central Bank) in recent years has accumulated in this way TARGET2 claims totalling around EUR 700 billion. This article shows that these claims are debts of the European periphery countries vis-à-vis Germany, that the TARGET2 system contributes to a misallocation of productive resources, that it fosters the accumulation of debt by the European periphery countries, and that a lack of collateral deepens the European balance of payments crisis. It is shown that the TARGET2 balances are representing considerable risks for Germany.

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Genre Book : Business & Economics
Author Book : Markus Kutscheid
Publisher : GRIN Verlag
Release Book : 2012-08-02
Download Book : 18 Pages
ISBN-10 : 9783656251545


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Andreas Kaldis's investigation into the murder of two gypsies on the Aegean island of Tinos leads him to more bodies, a secret society, and questions about the growing number of non-Greeks and gypsies flocking to the island.

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Genre Book : Fiction
Author Book : Jeffrey Siger
Publisher :
Release Book : 2012-04
Download Book : 250 Pages
ISBN-10 : 1590589777


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Genre Book : Artillery drill and tactics
Author Book : United States. War Dept
Publisher :
Release Book : 1914
Download Book : 228 Pages
ISBN-10 : UCAL:$B313228


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Genre Book :
Author Book : Hans-Werner Sinn
Publisher : Springer Nature
Release Book :
Download Book : Pages
ISBN-10 : 9783030501709


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Genre Book : English language
Author Book : L. G. Alexander
Publisher :
Release Book : 1980-01-01
Download Book : 16 Pages
ISBN-10 : 0582513324


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Genre Book : Collisions (Nuclear physics)
Author Book : Ubaĭ Arifovich Arifov
Publisher :
Release Book : 1961
Download Book : 317 Pages
ISBN-10 : MINN:31951D037788896


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Genre Book :
Author Book : Great Britain. Parliament. House of Commons
Publisher :
Release Book : 1863
Download Book : Pages
ISBN-10 : OXFORD:555099869


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Tank begins on the banks of the River Dee in the beautiful Roman built city of Chester. An end of term university party is being held on a cruise boat, but the boat is the target of a huge terrorist attack, resulting in the death of hundreds of students. The attacks are laid firmly at the door of Islamic extremists however all is not what it seems. The attack was planned to cover the kidnapping of a Saudi Princess, in an attempt to force up the price of crude oil. Tank and the Terrorist Task Force are called in to lead the investigation. During the plot they stumble over the suspected whereabouts of their Nemesis Yasser Ahmed, and their two worlds collide with devastating results.

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Genre Book : Fiction
Author Book : Conrad Jones
Publisher :
Release Book : 2013-10
Download Book : 280 Pages
ISBN-10 : 1783333200


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Genre Book : Military art and science
Author Book :
Publisher :
Release Book : 1884
Download Book : Pages
ISBN-10 : OXFORD:555016442


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Genre Book :
Author Book : United States. Army. Ordnance Dept
Publisher :
Release Book : 1896
Download Book : Pages
ISBN-10 : PSU:000018448214