sentences:  Furthermore, they showed that the commercial banks of the Eurozone's core countries used the incoming liquidity to reduce the refinancing credit they drew from their national central bank, even lending the surplus liquidity to this central bank, which implies that the TARGET balances indirectly also measure the reallocation of refinancing credit among the countries of the Eurozone.The authors showed that the national central banks of the northern countries became net debtors to their own banking systems.Sinn and Wollmershaeuser argue that the euro crisis is a balance-of-payments crisis, which in its substance is similar to the Bretton Woods crisis.