August 7, 2018 / 9:49 AM / 12 days ago

Italy's July Target 2 balance falls to 471.09 billion after June record

MILAN, Aug 7 (Reuters) - Italy’s liabilities towards other euro zone central banks in July fell after reaching a record high in June, data from the Bank of Italy showed on Tuesday.

Italy’s net debt towards the European Central Bank’s Target 2 system, which settles cross-border payments in the euro zone, was down to 471.09 billion euros after it touched 480.94 billion euros the previous month.

The Bank of Italy had signalled in its latest Economic Bulletin, published on July 13, that Target2 debt had been stable since mid-June.

Euro zone countries’ Target 2 positions are monitored as a sign of financial stress and imbalances within the euro zone, but the widening of Target 2 balances has several causes. (Reporting by Giulio Piovaccari, writing by Giulia Segreti; editing by Francesco Guarascio)

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