CESifo Forum Special Issue January 2012

Special Issue: The European Balance of Payments Crisis edited by Hans-Werner Sinn
The European Balance of Payments Crisis: An Introduction (Hans-Werner Sinn)
The Balance of Payments Tells Us the Truth (Helmut Schlesinger)
The Eurosystem in Times of Crises: Greece in the Role of a Reserve Currency Country? (Wilhelm Kohler)
The Euro in 2084 (Charles B. Blankart)
The Refinancing of Banks Drives Target Debt (Manfred J.M. Neumann)
The Current Account Deficits of the GIPS Countries and Their Target Debts at the ECB (Peter Bernholz)
Macroeconomic Imbalances in EMU and the Eurosystem (Thomas Mayer, Jochen Möbert and Christian Weistroffer)
The Derailed Policies of the ECB (Georg Milbradt)
Notes on the Target2 Dispute (Stefan Homburg)
Money, Capital Markets and Welfare: An Analysis of the Effects of Target2 Balances (Friedrich L. Sell and Beate Sauer)
The Dissolving Asset Backing of the Euro (Ingo Sauer)
Balances in the Targe2 Payments System – A Problem? (Jens Ulbrich and Alexander Lipponer)
A Way to Solve the Euro pean Balance of Payments Crisis? Take a Chance on Market Solutions! (Christian Fahrholz and Andreas Freytag)
Target2 and Cross-border Interbank Payments during the Financial Crisis (Ulrich Bindseil, Philippine Cour-Thimann and Philipp König)
Ways Out of the European Sovereign Debt Crisis after the Decisions of the July 2011 Summit (Franz-Christoph Zeitler)
Balance of Payments Adjustment in the Monetary Union: Current Events Help Shed New Light on an Old Question (Klaus Reeh)
Greece: The Sudden Stop That Wasn’t (Aaron Tornell and Frank Westermann)
Editor’s Comments (Hans-Werner Sinn)