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The European Monetary Union is experiencing a serious balance-of-payments crisis. Private capital is flowing from the periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by national central banks is replacing private capital to ensure the existence of the euro. This article identifies the components of Germany’s financial account that have been replaced by public capital flows. Its four key findings can be summarized as follows: firstly, the German private sector has been a net borrower from the rest of the world since 2010. Secondly, public capital outflows via the government sector and the Bundesbank have overcompensated the inflows. Thirdly, German commercial banks in particular have reduced their net lending to the rest of the world and repatriated capital in this manner. Fourthly, the inflow of foreignowned flight capital into Germany is small. Only Spanish and Irish flight capital plays a significant role in this respect.

Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise