A nice article of Karl Whelan on the controversial debate of the target II system started by Hans Werner Sinn. In essence, the question is whether loans that are provided to the GIPS countries via the target II system are no longer available to german debitors, or not. (You can find the links to the original HWS articles below Karl Whelans post.)
And to add some color to this gray Monday morning, two graphs from the Bundesbank on this issue:
p.s. amv just told me, what he did the weekend:
discussion, post, discussion, post, ....