Well, you know, there are two camps, Sinn and Wollmershäuser (2011, 2012) and Fahrholz and Freytag (2012) take the view that the current account imbalance will create persistent TARGET2 balances. The second camp, including Buiter et al (2011), Mody and Bornhorst (2012), Bindseil and König (2012), and Cecioni and Ferrero (2012) see this as one symptom of a balance of payments crisis. Bindseil and König (2012) argue that the Eurosystem full allotment refinancing operations should be seen as financing the reversal of an outstanding stock of cross-border claims while the TARGET2 payments system merely records the results.