Euro Crisis Monitor



The Euro Crisis Monitor is maintained by the Institute of Empirical Economic Research of Osnabrück University

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Prof. Frank Westermann. Ph.D.

Dr. Sven Steinkamp


The Institute of Empirical Economic Research at Osnabrück University has been tracking TARGET2 balances from October 2011 to September 2015, nearly on a daily basis. In our view, it was a key indicator of Europe's balance of payments crisis and continues to be a biomarker of financial stability in the Euro area. As of September, 2015, the ECB is providing these numbers in a common database.

Target2 data Eurosystem


Download Data (last update: March 2018)

Raw data and high-resolution graphs are available in two versions:

Option 1 [download]

  1. Based on data of the ECB's Statistical Data Warehouse
  2. Series as monthly averages of daily data
  3. Data are reported with lag of 2 month
  4. A convenient way for the press and public to access the data

Option 2 [download]

  1. Based on data of the national central banks of the Euro Area. A complete data appendix can be found in "The role of creditor seniority in Europe's sovereign debt crisis", Sven Steinkamp & Frank Westermann, Economic Policy, 2014.
  2. End of month data
  3. Data sources report with lag of 1 month (but only infrequently updated here)
  4. Enables researches to replicate/update studies on Target2-balances (written before 09/2016)

Research on Target2 and the Euro Crisis

New Working Papers:


Journal Articles: