sentences:  Following Sinn, the authors compare the TARGET balances of the Eurosystem with the corresponding balances in the US settlement system (Interdistrict Settlement Account) and point out that US balances relative to US GDP have decreased thanks to a regularly performed settlement procedure in which ownership shares in a common Fed clearing portfolio are reallocated among the various district Feds comprising the US Federal Reserve System.They advocate the establishment of a similar system in Europe to end the ECB's role as a provider of international public credit that undercuts private market conditions.Hans-Werner Sinn addressed the TARGET balances issue again in a special edition of "ifo Schnelldienst" and made it the main topic of his book "Die Target-Falle" ("The Target Trap"), published in early October 2012.