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T2 Balances : a legal perspective / Phoebus L. Athanassiou

Athanassiou, Phoebus

IFO DICE Report . ISSN2511-7823 . Munich : IFO Institut, Vol. 16, no 3 (2018) , p. 35-40

European developments in the spring of 2018 have rekindled public interest in T2 balances. The debate is not new: the issue of T2 balances first came up at the height of Europe’s sovereign debt crisis, and it has resurfaced since periodically, at times of heightened tension. Critics have argued that T2 balances resemble covert transfers (loans) from the national central banks (NCBs) of the euro area core to Member States (MS) in distress, without settlement terms or collateral, and with no legal or other democratic legitimation. This paper explores the risks of T2 balances for the ECB and the T2-participating NCBs, and seeks to shed light on the legal parameters of the debate. The latter have largely been neglected in the extant literature, whose main focus has been on the accounting and economic aspects of T2 balances. [Da introd.]

política monetária; crise monetária; zona euro; regulamentação financeira; pagamento internacional; pagamento intra-UE; sistema financeiro

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