“Even the ECB analysts do not hide the truth. As the monthly bulletin from May 2013 specifies, “the TARGET balances are a manifestation of underlying tensions in the Economic and Monetary Union (EMU), highlighting the need for macroeconomic imbalances to be addressed, trust in banking systems to be re-established, and the institutional foundations of EMU to be strengthened.”1) The whole system still can exist only because of the massive intervention of the ECB.”