sentences:  Hence, a country's TARGET liabilities also indicate the extent to which its central bank has replaced the capital markets to finance its current account deficit, as well as any possible capital flight, by creating new central bank money through corresponding refinancing credit.Sinn illustrated that from an economic perspective, TARGET credit and formal rescue facilities serve the same purpose and involve similar liability risks.Sinn's presentation on 19 May 2011 at the Munich Economic Summit motivated an op-ed column in the "Financial Times".