A Complete Guide to European Bail-Out Facilities – Part 2: Target2 & EFSF / ESM
Today we present the Target2-system and the fiscal bail-out facilities in our series on European efforts to bail out itself. For new readers, check out part 1 here http://bawerk.net/?p=123 Tran-European Automated Real-time Gross Settlement Express Transfer System – TARGET2 In order to facilitate cross-border financial transactions within the currency union an interbank payment system was…
