Visuel - BCE
The circulation of liquidity in the euro area: interpreting central banks’ TARGET positions

Bulletin No. 262, article 4. Between 2016 and 2022, bank reserves tripled on the liability side of Eurosystem balance sheets before gradually falling back, while, remarkably, the distribution of this liquidity between countries remained relatively stable. However, significant fluctuations affected the national balances resulting from cross-border settlements (“TARGET balances”, named after the original name of the main wholesale settlement system in the euro area).

11th of February 2026

Multimedia content

Find audio content, videos and other Banque de France programmes

Banque de France podcasts

Explore all Banque de France podcasts (in French)

Videos

Explore all Banque de France videos and webcasts

Updated on the 20th of March 2026