Germany, it says, will never accept a “transfer union”. Target 2

In real life, of course, that horse has already bolted. 

 The true choice is between the shadow transfer union represented by the mountain of national central bank liabilities that have built up at the ECB — so-called Target balances — and the creation of an economic union that admits the role of fiscal policy in managing economic demand.

 Philip Stephens FT 12 September 2019


More about Target 2 at IntCom



In Strasbourg on Dec. 9, 1989, after the Berlin Wall fell, Germany agreed to monetary union in order to get President Mitterand to agree to German reunification

 WSJ 23 Sept 2011


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