The Incomplete Currency. Marcello Minenna

Figure 3.16 Evolution of the inflation rate and the real interest rate in Italy (2004–2014)

      Figure 3.17 Evolution of the inflation and the real interest rate in Spain (2004–2014)

      Figure 3.18 Evolution of the inflation differential and of the real interest rate spread between Italy and Germany (2004–2014)

      Figure 3.19 Evolution of the inflation differential and of the real interest rate spread between Spain and Germany (2004–2014)

      Figure 3.20 Evolution of the interest rates differential and of the exchange rate: Italy–Germany (1993–1999)

      Figure 3.21 Evolution of the interest rates differential and of the exchange rate: Spain–Germany (1993–1999)

      Figure 3.22 Evolution of the interest rates differential and of the exchange rate: France–Germany (1993–1999)

      Figure 3.23 Evolution of CDS spread for Spain, Germany, Italy and France (July 2009–September 2012)

      Figure 3.24 Gross amount of traded sovereign CDS ($ billion)–US and Eurozone (August 2012)

      Figure 3.25 Gross outstanding amount of traded sovereign CDS with respect to national public debts (US and Eurozone–August 2012)

      Figure 3.26 Evolution of the Credit Default Swap spread for Spain, Germany, Italy and France (2009–2014)

      Figure 3.27 Gross amount of traded sovereign CDS ($ billion)–USA and Eurozone (August 2012 vs December 2014)

      Figure 3.28 Total financial assets/GDP ratio of the major world economies

      Figure 3.29 Comparison of the trends of the interest rates differential and of the (true and shadow) exchange rate for Italy and Germany

      Figure 3.3 °Comparison of the trends of the interest rates differential and of the (true and shadow) exchange rate for Spain and Germany

      Figure 3.31 Comparison of the trends of the interest rates differential and of the (true and shadow) exchange rate for France and Germany

      Figure 4.1 Target2 net balance for the peripheral and core Eurozone countries (1999–2014)

      Figure 4.2 Evolution of the current account /GDP ratio of the main Eurozone countries: 2002–2013

      Figure 4.3 Germany: trend of the cumulated per capita current account surplus and of the Target2 net balance: 2004–2014

      Figure 4.4 Italy: evolution of the financial account and some of its components (2004–2014)

      Figure 4.5 Spain: evolution of the financial account and some of its components (2004–2014)

      Figure 4.6 Italian government bonds held by the main Eurozone banking systems (2010–2014)

      Figure 4.7 Spanish government bonds held by the main Eurozone banking systems (2010–2014)

      Figure 4.8 Germany: evolution of the financial account and some of its components (2004–2014)

      Figure 4.9 Germany: Target2 net balance and financial account to the rest of the Eurozone (2004–2014)

      Figure 4.10 German government bonds held by the main Eurozone banking systems (2010–2014)

      Figure 4.11 Credits of the German banks towards the Eurozone: breakdown by country (2002–2014)

      Figure 4.12 Percentage weight of the credits granted by German banks to the core and peripheral countries (2002–2014)

      Figure 4.13 Percentage weight of the credits granted by German banks to some representative Eurozone countries (2008–2014)

      Figure 4.14 Credits of German banks and net trade balance of Germany to France (2002–2014)

      Figure 4.15 Credits of German banks and net trade balance of Germany to Italy (2002–2014)

      Figure 4.16 Credits of German banks and net trade balance of Germany to Spain (2002–2014)

      Figure 4.17 Evolution of the net trade balance of Germany towards France, Italy and Spain (2002–2013)

      Figure 4.18 Percentage weight of credits granted by German banks to the rest of the Eurozone with respect to the total credit disbursed abroad by German banks (2002–2014)

      Figure 4.19 Percentage weight of the German trade surplus to the Eurozone with respect to the total German trade surplus (2004–2013)

      Figure 4.20 Reduction of credits of German banks to the Eurozone and evolution of ECB loans to non-German European banks (2011–2014)

      Figure 4.21 Reduction of credits of German banks to the Italian economy and evolution of ECB loans to Italian banks (2011–2014)

      Figure 4.22 Reduction of credits of German banks to the Spanish economy and evolution of ECB loans to Spanish banks (2011–2014)

      Figure 4.23 Germany: Target2 net balance and the expected potential damage in the event of a Euro break-up (2004–2014)

      Figure 4.24 Italian public debt held by the Italian and foreign banking sectors (1997–2014)

      Figure 4.25 Italian public debt: breakdown by holders (1997–2014)

      Figure 4.26 Italian public debt held by the domestic banking system and total amount of loans granted to households and businesses (1998–2014)

      Figure 4.27 Performance of the RESI index (1999–2014)

      Figure 4.28 Evolution of LTRO loans to the Italian banking system (1999–2014)

      Figure 4.29 Total loans of the ECB to the European banking system (2011–2014): breakdown by country

      Figure 4.30 The impact of the ECB liquidity support on the Italian real