sentences:  Analysis of TARGET2 balances countering the Ifo conclusions have been advanced by economist Karl Whelan at University College Dublin.In summer 2012, Thomas A. Lubik, a senior economist and research advisor, and Karl Rhodes, a writer, both at the Federal Reserve Bank of Richmond (Virginia, USA), cited Whelan's work and also drew parallels and distinctions between the US Fed and the ECB in analysing the balances.Lubik and Rhodes argued that