{"id":1601,"date":"2012-02-02T23:09:55","date_gmt":"2012-02-02T21:09:55","guid":{"rendered":"http:\/\/www.hendrik.maekeler.eu\/?p=1601"},"modified":"2012-10-11T20:30:57","modified_gmt":"2012-10-11T18:30:57","slug":"helmut-schlesinger-uber-das-problem-mit-target2","status":"publish","type":"post","link":"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/","title":{"rendered":"Helmut Schlesinger \u00fcber das Problem mit TARGET2"},"content":{"rendered":"<p><\/p>\n<p>Zu <a title=\"Philip Plickert: Die Zeitbombe der Bundesbank\" href=\"http:\/\/faz-community.faz.net\/blogs\/fazit\/archive\/2012\/02\/02\/die-zeitbombe-der-bundesbank.aspx\" target=\"_blank\">Philip Plickert: Die Zeitbombe der Bundesbank<\/a><\/p>\n<p>Neben den beiden Links im Text ist nicht zuletzt der\u00a0<a title=\"ifo Schnelldienst 16\/2011\" href=\"http:\/\/www.cesifo-group.de\/portal\/pls\/portal\/docs\/1\/1209833.PDF\" target=\"_blank\">ifo Schnelldienst 16\/2011<\/a> zum Thema &#8220;Die europ\u00e4ische Zahlungsbilanzkrise&#8221; lesenswert. Helmut Schlesinger etwa fa\u00dft dort den Kern der Problematik so zusammen: &#8220;Es ist offensichtlich, dass f\u00fcr L\u00e4nder mit hohen Zahlungsbilanzdefiziten der Zwang zum Abbau des Ungleichgewichts insoweit entf\u00e4llt, als die Finanzierung des Defizits automatisch \u00fcber das Target2-System erm\u00f6glicht wird. [&#8230;] Gleichwohl enthob die Finanzierung \u00fcber Target2 lange Zeit die Defizitl\u00e4nder dem Anpassungszwang, der f\u00fcr alleinstehende L\u00e4nder von den Marktkr\u00e4ften ausgeht. \u00c4hnliches gilt f\u00fcr die \u00dcberschussl\u00e4nder, in denen es wegen der Zunahme der Target2-Forderungen zu keiner zus\u00e4tzlichen Expansion der Geldmenge und damit zu keiner zus\u00e4tzlichen Inlandsnachfrage kommt.&#8221; (S. 11)<\/p>\n<p><\/p>\n<div class=\"sharedaddy sd-sharing-enabled\"><div class=\"robots-nocontent sd-block sd-social sd-social-icon sd-sharing\"><div class=\"sd-content\"><ul><li class=\"share-email\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-email sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=email\" target=\"_blank\" title=\"Click to email this to a friend\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to email this to a friend (Opens in new window)<\/span><\/a><\/li><li class=\"share-print\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-print sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/\" target=\"_blank\" title=\"Click to print\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to print (Opens in new window)<\/span><\/a><\/li><li class=\"share-facebook\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-facebook-1601\" class=\"share-facebook sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=facebook\" target=\"_blank\" title=\"Click to share on Facebook\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Facebook (Opens in new window)<\/span><\/a><\/li><li class=\"share-twitter\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-twitter-1601\" class=\"share-twitter sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=twitter\" target=\"_blank\" title=\"Click to share on Twitter\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Twitter (Opens in new window)<\/span><\/a><\/li><li class=\"share-linkedin\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-linkedin-1601\" class=\"share-linkedin sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=linkedin\" target=\"_blank\" title=\"Click to share on LinkedIn\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on LinkedIn (Opens in new window)<\/span><\/a><\/li><li class=\"share-pinterest\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-pinterest-1601\" class=\"share-pinterest sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=pinterest\" target=\"_blank\" title=\"Click to share on Pinterest\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Pinterest (Opens in new window)<\/span><\/a><\/li><li class=\"share-reddit\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-reddit sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=reddit\" target=\"_blank\" title=\"Click to share on Reddit\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Reddit (Opens in new window)<\/span><\/a><\/li><li class=\"share-tumblr\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-tumblr sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=tumblr\" target=\"_blank\" title=\"Click to share on Tumblr\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Tumblr (Opens in new window)<\/span><\/a><\/li><li class=\"share-jetpack-whatsapp\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-jetpack-whatsapp sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=jetpack-whatsapp\" target=\"_blank\" title=\"Click to share on WhatsApp\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on WhatsApp (Opens in new window)<\/span><\/a><\/li><li class=\"share-end\"><\/li><\/ul><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Zu Philip Plickert: Die Zeitbombe der Bundesbank Neben den beiden Links im Text ist nicht zuletzt der\u00a0ifo Schnelldienst 16\/2011 zum Thema &#8220;Die europ\u00e4ische Zahlungsbilanzkrise&#8221; lesenswert. Helmut Schlesinger etwa fa\u00dft dort den Kern der Problematik so zusammen: &#8220;Es ist offensichtlich, dass f\u00fcr L\u00e4nder mit hohen Zahlungsbilanzdefiziten der Zwang zum Abbau des Ungleichgewichts insoweit entf\u00e4llt, als die&hellip; <a class=\"more-link\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/\">Continue reading <span class=\"screen-reader-text\">Helmut Schlesinger \u00fcber das Problem mit TARGET2<\/span><\/a><\/p>\n<div class=\"sharedaddy sd-sharing-enabled\"><div class=\"robots-nocontent sd-block sd-social sd-social-icon sd-sharing\"><div class=\"sd-content\"><ul><li class=\"share-email\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-email sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=email\" target=\"_blank\" title=\"Click to email this to a friend\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to email this to a friend (Opens in new window)<\/span><\/a><\/li><li class=\"share-print\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-print sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/\" target=\"_blank\" title=\"Click to print\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to print (Opens in new window)<\/span><\/a><\/li><li class=\"share-facebook\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-facebook-1601\" class=\"share-facebook sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=facebook\" target=\"_blank\" title=\"Click to share on Facebook\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Facebook (Opens in new window)<\/span><\/a><\/li><li class=\"share-twitter\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-twitter-1601\" class=\"share-twitter sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=twitter\" target=\"_blank\" title=\"Click to share on Twitter\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Twitter (Opens in new window)<\/span><\/a><\/li><li class=\"share-linkedin\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-linkedin-1601\" class=\"share-linkedin sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=linkedin\" target=\"_blank\" title=\"Click to share on LinkedIn\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on LinkedIn (Opens in new window)<\/span><\/a><\/li><li class=\"share-pinterest\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"sharing-pinterest-1601\" class=\"share-pinterest sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=pinterest\" target=\"_blank\" title=\"Click to share on Pinterest\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Pinterest (Opens in new window)<\/span><\/a><\/li><li class=\"share-reddit\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-reddit sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=reddit\" target=\"_blank\" title=\"Click to share on Reddit\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Reddit (Opens in new window)<\/span><\/a><\/li><li class=\"share-tumblr\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-tumblr sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=tumblr\" target=\"_blank\" title=\"Click to share on Tumblr\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on Tumblr (Opens in new window)<\/span><\/a><\/li><li class=\"share-jetpack-whatsapp\"><a rel=\"nofollow noopener noreferrer\" data-shared=\"\" class=\"share-jetpack-whatsapp sd-button share-icon no-text\" href=\"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-schlesinger-uber-das-problem-mit-target2\/?share=jetpack-whatsapp\" target=\"_blank\" title=\"Click to share on WhatsApp\"><span><\/span><span class=\"sharing-screen-reader-text\">Click to share on WhatsApp (Opens in new window)<\/span><\/a><\/li><li class=\"share-end\"><\/li><\/ul><\/div><\/div><\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[778],"tags":[866,598,810,808,812,809,811],"geo":null,"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3fDqY-pP","jetpack-related-posts":[{"id":1588,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/instabiles-geld-setzt-den-zusammenhalt-der-bevolkerung-aufs-spiel\/","url_meta":{"origin":1601,"position":0},"title":"Instabiles Geld setzt den Zusammenhalt der Bev\u00f6lkerung aufs Spiel","date":"Monday December 12th, 2011","format":false,"excerpt":"Instabiles Geld setzt den Zusammenhalt der Bev\u00f6lkerung aufs Spiel, Gastbeitrag in: Fazit. Das Wirtschaftsblog vom 12. Dezember 2011. Text Dann und wann scheint es an der Zeit zu sein, die elementarsten Voraussetzungen f\u00fcr die Funktionalit\u00e4t unseres W\u00e4hrungssystems in Erinnerung zu rufen. Denn wer die Diskussion \u00fcber die Euro-Rettung \u00fcber l\u00e4ngere\u2026","rel":"","context":"In &quot;Blog&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1684,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/verlorenes-jahrzehnt-der-europapolitik\/","url_meta":{"origin":1601,"position":1},"title":"Verlorenes Jahrzehnt der Europapolitik","date":"Monday July  9th, 2012","format":false,"excerpt":"Zu Michael C. Burda u.a.: Stellungnahme \u201eZur Europ\u00e4ischen Bankenunion\u201c Die Dekade nach der Einf\u00fchrung des Euro im Jahr 1999 wird wohl als verlorenes Jahrzehnt der Europapolitik in die Geschichte eingehen. Eine grundlegende politische Fortentwicklung Europas fand in dieser Zeit nicht statt, wof\u00fcr das Scheitern des \u201eVertrags \u00fcber eine Verfassung f\u00fcr\u2026","rel":"","context":"In &quot;Blog&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":417,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/hubert-emmerig-der-freisinger-munzschatzfund-und-das-geldwesen-in-bayern-zur-karolingerzeit-mit-einer-auswertung-des-freisinger-traditionsbuches-als-geldgeschichtlicher-quelle\/","url_meta":{"origin":1601,"position":2},"title":"Hubert Emmerig: Der Freisinger M\u00fcnzschatzfund und das Geldwesen in Bayern zur Karolingerzeit. Mit einer Auswertung des Freisinger Traditionsbuches als geldgeschichtlicher Quelle","date":"Monday September 28th, 2009","format":false,"excerpt":"Hubert Emmerig: Der Freisinger M\u00fcnzschatzfund und das Geldwesen in Bayern zur Karolingerzeit. Mit einer Auswertung des Freisinger Traditionsbuches als geldgeschichtlicher Quelle, in: Ulrike G\u00f6tz (Hrsg.): 38. Sammelblatt des Historischen Vereins Freising (2004) [\u2026], in: Geldgeschichtliche Nachrichten 40 (2005) 223, S. 156. Rezension Bei dem M\u00fcnzschatzfund von Freising handelt es sich\u2026","rel":"","context":"In &quot;Reviews&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1115,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/helmut-rizzolli-munzgeschichte-des-alttirolischen-raumes-im-mittelalter-2\/","url_meta":{"origin":1601,"position":3},"title":"Helmut Rizzolli, M\u00fcnzgeschichte des alttirolischen Raumes im Mittelalter und Corpus Nummorum Tirolensium Mediaevalium, Bd. 2: Die Meraner M\u00fcnzst\u00e4tte unter den Habsburgern bis 1477 und die G\u00f6rzische Pr\u00e4gest\u00e4tte Lienz-Toblach","date":"Wednesday May 12th, 2010","format":false,"excerpt":"Helmut Rizzolli, M\u00fcnzgeschichte des alttirolischen Raumes im Mittelalter und Corpus Nummorum Tirolensium Mediaevalium, Bd. 2: Die Meraner M\u00fcnzst\u00e4tte unter den Habsburgern bis 1477 und die G\u00f6rzische Pr\u00e4gest\u00e4tte Lienz-Toblach [\u2026], in: Deutsches Archiv f\u00fcr Erforschung des Mittelalters 65 (2009) 2, S. 725. Rezension R. legte im Jahr 1991 einen ersten Band\u2026","rel":"","context":"In &quot;Reviews&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1484,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/gullbekk-pengevesenets-fremvekst-og-fall\/","url_meta":{"origin":1601,"position":4},"title":"Svein H. Gullbekk: Pengevesenets fremvekst og fall i Norge i middelalderen","date":"Monday July  4th, 2011","format":false,"excerpt":"Svein H. Gullbekk: Pengevesenets fremvekst og fall i Norge i middelalderen [\u2026], in: Hansische Geschichtsbl\u00e4tter 128 (2010), S. 303f. Rezension Svein Gullbekks 2003 an der Universit\u00e4t Oslo verteidigte Dissertation zum norwegischen M\u00fcnzwesen des Mittelalters war bislang nur in einigen wenigen Exemplaren verf\u00fcgbar, die im Rahmen des Promotionsverfahrens erschienen und in\u2026","rel":"","context":"In &quot;Reviews&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1360,"url":"https:\/\/www.hendrik.maekeler.eu\/en\/quo-vadis-europa\/","url_meta":{"origin":1601,"position":5},"title":"Quo vadis, Euro(pa)?","date":"Wednesday March  9th, 2011","format":false,"excerpt":"Hendrik M\u00e4keler und Heike Minich: Quo vadis, Euro(pa)? (Uppsala University Coin Cabinet Working Papers, 3), Uppsala 2011. Eine Kurzfassung findet sich bei \u00d6konomenstimme. Text Der franz\u00f6sische Finanz- und W\u00e4hrungspolitiker Jacques Rueff hat einmal gesagt, dass Europa \u00fcber das Geld m\u00f6glich werde \u2013 oder gar nicht. Die Frage nach Sein oder\u2026","rel":"","context":"In &quot;Minor articles&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/posts\/1601"}],"collection":[{"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/comments?post=1601"}],"version-history":[{"count":6,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/posts\/1601\/revisions"}],"predecessor-version":[{"id":1773,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/posts\/1601\/revisions\/1773"}],"wp:attachment":[{"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/media?parent=1601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/categories?post=1601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hendrik.maekeler.eu\/en\/wp-json\/wp\/v2\/tags?post=1601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}