21 Jan 2012

More ECB stuff - €1,850 trillion in transactions

Here's another amazing file that you can download from the ECB website. It's called "Payments processed by selected interbank funds transfer systems". It gives some more specific details about the transactions handled by the TARGET system both within and outside the Eurozone.

There is a  bit called "Multi-currency systems", which gives some eye-watering numbers for the CLS clearing system : 774 trillion euros, but there are also 161.8 trillion of Euros processing and 57.9 trillion of transactions in Sterling.

But there are also entries for a large number of different retail systems across Europe. Adding up all the numbers in the document for 2010 produces a total of 1,850 trillion euros.

Doesn't this all make the case for a Financial Transaction Tax even stronger?


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