Fahrholz, ChristianFreytag, Andreas2025-05-292011https://epflicht.bibliothek.uni-halle.de/handle/123456789/3790720456932urn:nbn:de:gbv:3:2-630362477304This article deals with the macro-economics of the Trans-European Automated Re- al-time Gross Settlement Express Transfer System (TARGET2). Originally, the TARGET2 was in-tended to solely function as a monetary arrangement for liquidity issues. It is shown that the TARGET2 contributes to a substantial misallocation of real resources within the Eurozone (EZ). The discussion highlights that there are no tendencies for rebalancing TARGET2-claims and liabilities, but rather a dynamic towards infinite and prolonged TARGET2-imbalances in the form of hysteresis.Online-Ressource (PDF-Datei: 20 S., 0,66 MB) : graph. Darst.enghttp://rightsstatements.org/vocab/InC/1.0/330Book