There is an intense though often technical debate about the large balance sheet positions of the euro area’s national central banks (NCBs). These positions are known as “Target balances” after the settlement system through which payments are managed across the single currency area. In the debate, launched by German economist Hans-Werner Sinn, rising imbalances in the Target system have been criticised as reflecting unwarranted external financing for stressed nations and hidden risks for other countries.
針對歐元區各國家中央銀行(NCB)的巨額資產負債表頭寸，目前存在激烈爭論，不過這一爭論通常是技術層面上的。依照目前的結算系統，這些頭寸被命名為“泛歐自動實時全額結算快速轉賬系統(Target)余額”，整個歐元區的支付都在這個結算系統中進行管理。這一爭論由德國經濟學家漢斯-維爾納?辛恩(Hans-Werner Sinn)發起，爭論中有人批評稱，Target系統的失衡不斷加劇，反映的是銀根緊張國家的無擔保外部融資，以及其他國家面臨的潛在危機。
您已閱讀11%（729字），剩余89%（6047字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。