@TechReport{dp-640, 
    author   = {Homburg, Stefan}, 
    astring  = {Stefan Homburg}, 
    title       = {Speculative Eurozone Attacks and Departure Strategies}, 
    month    = {October}, 
    year      = {2018}, 
    pages    = {16}, 
    size     = {120}, 
    number  = {640}, 
    language = {en}, 
    keywords = {Currency speculation; TARGET2; eurozone; Italexit; Dexit; trilemma}, 
    jelclass     = {E52, E58, F45},
    abstract = {This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks. Suspicion of a departure from the common currency induces a terminal outflow of central bank money in weaker member states. TARGET2 cannot inhibit this drain but only protects central bank assets. Evidence presented here suggests that a run on Italy is already on the way. The paper also considers departure strategies of strong and weak member states and the distributive effects of an orderly eurozone dissolution.}
}