Asymmetries, Imbalances, and Fragmentation in the Eurozone

Analysing the causes of monetary and financial imbalances in the Eurozone, focusing on the infrastructure (CCPs, CSDs, ECB + NCBs, ...) and on the links between monetary integration and financialisation of the national economies.

3 Pillars

1. Monetary Hierarchies in the EMU

The tiering of monetary jurisdictions, legacy-euros, and TARGET as a backstop.

2. Fragmentation and Selective Integration

The fragmentation of money markets, excess liquidity, and shortages of collateral.

3. Capital and Liquidity in Hybrid Refinancing

Causes of TARGET balances and the hybrid working of the TARGET mechanism.