Euro Crisis Monitor



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

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Prof. Frank Westermann. Ph.D.

PD Dr. Sven Steinkamp


TARGET2 is the abbreviation of “Trans-European Automated Real-time Gross Settlement Express Transfer System” – a real-time settlement system developed and maintained by the Eurosystem. The Eurosystem comprises the European Central Bank and national central banks (NCBs) of 20 member states of the European Union. Net balances in TARGET2 are recorded as claims and liabilities of NCBs, as well as the ECB, against the Eurosystem.

Since October 2011, the Institute of Empirical Economic Research at Osnabrück University has been monitoring the evolution of TARGET2 balances, and Cheung, Steinkamp and Westermann (Journal of International Money & Finance, 2020) have analysed their empirical determinants.


Target2 data Eurosystem

Download Data (last update: June 2024)

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, supplemented with data from national central banks
  2. Monthly averages of daily data before 5/2008, month-end values after 5/2008
  3. Data are usually 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 researchers to replicate/update studies on Target2-balances (written before 09/2016)

Research on Target2 and the Euro Crisis

Journal Articles:

Evergreening in the Euro Area: Evidence from Survey Data and a Conceptual Framework
Aaron Tornell, Sven Steinkamp & Frank Westermann, CESifo Economic Studies, 2020.

Capital Flight to Germany: Two Alternative Measures
Yin-Wong Cheung, Sven Steinkamp & Frank Westermann, Journal of International Money and Finance, 2020.

Exit Strategies, Capital Flight and Speculative Attacks: Europe's Version of the Trilemma
Andreas Steiner, Sven Steinkamp & Frank Westermann, European Journal of Political Economy, 2019.

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.

Selected Recent Press Coverage

Interview Frankfurter Allgemeine Zeitung, August 9 2020
Gastbeitrag in AnlegerPlus, Ausgabe 5/2019
Gastbeitrag Handelsblatt-Online, Januar 14, 2019
Interview Börsenzeitung, August 08, 2018