Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility

Target Loans through the Eurosystem –The Bundesbank Statements – What are the Target Balances? – Credit Shifts in the Euro Zone – Economic Interpretation of the Credit Shifts – Current Account Balances, Capital Flight and Target Loans – Five Minutes to Midnight – Target Balances in the USA – Appendix: Reply to the Critics