2024-03-29T00:24:10Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/89942023-12-28T13:35:42Zcom_123456789_21com_123456789_5863com_123456789_5861col_123456789_5901col_123456789_5941
The increase in TARGET balances in the euro area since 2015
Alves, Pana
Millaruelo de la Fuente, Antonio
Río, Ana del
Payment system
TARGET balances
TARGET2
Bank reserves
Asset purchases
APP
Análisis financiero
Economía de la Unión Europea
Política monetaria
Teoría monetaria
Oferta y demanda monetarias
Bancos centrales y otras autoridades monetarias
E42
E50
Artículo de revista
The TARGET2 platform, which is owned by the Eurosystem, processes payments in euro with reserves, i.e. central bank money. The cross-border payment transactions channelled through this platform give rise to central bank claims and liabilities which, when aggregated and netted, produce the so-called TARGET balances. Since 2015, when various extraordinary monetary stimulus measures were introduced by the ECB, there has been a marked increase in aggregate TARGET balances, to levels above those reached during the sovereign debt crisis which took place in the first few years of the current decade. Unlike then, the recent developments do not reflect financial stress or general funding problems in euro area economies, as during the sovereign debt crisis, but are instead mainly linked to the execution of the Eurosystem’s asset purchase programme (APP)
2018-12-05
Artículo
https://repositorio.bde.es/handle/123456789/8994
eng
Economic Bulletin / Banco de España, 4/2018
Versión en español 123456789/8381
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
13 p.
application/pdf
España