Euro Crisis Monitor


Euro Crisis Monitor

 

 

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

University Osnabrück Logo


 
Contact

Prof. Frank Westermann. Ph.D.
frank.westermann[at]uos.de
website

Dr. Sven Steinkamp
sven.steinkamp[at]uos.de
website


 


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: August 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:

Exit Strategies, Capital Flight and Speculative Attacks: Europe's Version of the Trilemma
Andreas Steiner, Sven Steinkamp & Frank Westermann, CESifo Working Paper #6753, 11/2017.

The Euro Area’s Common Pool Problem Revisited: Has the Single Supervisory Mechanism Ameliorated Forbearance and Evergreening?
Aaron Tornell, Sven Steinkamp & Frank Westermann, CESifo Working Paper #6670, 09/2017.

 

Journal Articles:

Multilateral Loans and Interest Rates: Further Evidence on the Seniority Conundrum
Sven Steinkamp & Frank Westermann, International Journal of Finance and Economics, 2017.

The role of creditor seniority in Europe's sovereign debt crisis
Sven Steinkamp & Frank Westermann, Economic Policy, 2014.

The Tragedy of the Commons and Inflation Bias in the Euro Area,
Valeriya Dinger, Sven Steinkamp & Frank Westermann, Open Economies Review, 2014.

TARGET2 and Central Bank Balance Sheets: Discussion
Frank Westermann, Economic Policy, 2014.

Target2-Salden: Datenquellen und Informationsgehalt als Krisenindikator,
Sven Steinkamp, Wirtschaftsdienst, 2014.


Recent Press Coverage

Interview Börsenzeitung, August 08, 2018