by Mike ‘Mish’ Shedlock
Target2 imbalances in the eurozone continue to mount. The ECB itself now has the third largest negative balance following Italy and Spain.
Target2 is a measure of capital flight. Those needing a further explanation of Target2 may wish to consider Reader From Europe Asks “Can You Please Explain Target2?”
Data for the following charts and tables is from ECB Target Balances. Neither the ECB nor Eurozone officials likes to discuss these numbers for obvious reasons.
Although it’s June, the latest data is for April.