Euro Crisis Monitor



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

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TARGET2-balances are now available in the Statistical Data Warehouse of the ECB: Link


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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 21st, 2015, the ECB is providing these numbers in a common database. They are available in the Statistical Data Warehouse under: "Statistics > Monetary and financial statistics > TARGET balances of participating NCBs". We welcome this opportunity to discontinue our service by October 30th, as the collection of time series data from individual NCB sources has now become redundant.

The ECB will release the data of each month on the 1st of each following month (e.g. the July data will become available on September 1st). As the NCBs provide the same data about 2-3 weeks earlier, current updates continue to be available from us upon request. A full documentation of NCB sources is given in the data appendix of:

"The role of creditor seniority in Europe's sovereign debt crisis", by Sven Steinkamp & Frank Westermann, Economic Policy, Vol. 29 (79), July 2014.

The ECM webpage will continue to exist and collect research articles, legal documents and links to institutions related to the topic of TARGET2 balances. Also our data collection will stay online. This will allow researchers to replicate results of research articles using this dataset. However, we will not regularly update the series after October 30th this year.

Any feedback and comments are welcome!