Um dos debates mais esotéricos da blogosfera e da comunidade académica ‘económica’, em torno dos desequilíbrios de pagamentos entre bancos centrais, continua ao rubro. Desta vez é Paul de Grauwe a responder a Hans Werner Sinn. TARGET2 as a scapegot for german errors, no Vox.
Before the debt crisis, German banks had been willing to lend massive amounts to the rest of the Eurozone. Since the breakdown of the interbank market in the Eurozone, this risk has been shifted to the Bundesbank. We have argued that this shift has not affected the risk for Germany as a whole. With or without TARGET2, the risk that arises from reckless lending by German banks will have to be borne by Germany. Again, it is all too easy to look for a scapegoat outside of Germany.