The TARGET2 debate is indeed a recurring "hot topic", by now mainly relegated to commentaries in newspapers in Germany (FAZ), where mainly Eurozone critics and pro-Austerity fanatics predict time and again that once these imbalances have to be settled creditor Central Banks are on the hook. But there is also the view that all of this is just an "accounting phenomenon" (this paper has a good explanation of the issue, going into some detail http://www.ebr.edu.pl/pub/2019_2_48.pdf ).
Minor thing: " The outer extent of the graph, about 1.75 billion euros at present" - I think it should be trillions
The TARGET2 debate is indeed a recurring "hot topic", by now mainly relegated to commentaries in newspapers in Germany (FAZ), where mainly Eurozone critics and pro-Austerity fanatics predict time and again that once these imbalances have to be settled creditor Central Banks are on the hook. But there is also the view that all of this is just an "accounting phenomenon" (this paper has a good explanation of the issue, going into some detail http://www.ebr.edu.pl/pub/2019_2_48.pdf ).
Minor thing: " The outer extent of the graph, about 1.75 billion euros at present" - I think it should be trillions