Critics worry about ECB nonchalance over payments stress

"When funding conditions become stressed in some parts of the euro area, then you see that the countries that are not stressed accumulate claims towards the countries that are under stressed conditions," Draghi said.

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"But this does not imply any more risk for the so-called creditor countries."

Central banks in Greece, Portugal, Spain and Ireland have run up large TARGET2 liabilities as cross-border loans dried up, the private sector withdrew capital and banks turned to the ECB for funding because banks from the stronger economies stopped lending to them.

Germany's Bundesbank, on the other hand, has accumulated TARGET2 claims as more money was transferred into the country than went out. Central banks hold these claims and liabilities against the ECB, which acts as a middleman for the transfers.

Reacting to Draghi's comments, Sinn said such imbalances were indeed normal, but not on the scale currently seen.

"Target balances measure a money flow and an inverse credit flow between the central banks enabling countries to electronically print more money than they need for their own internal circulation," Sinn told Reuters said in an email.

He has previously said that this means that in the end, there will be less credit available for German companies, and that Germany's credit risk is boosted.

"After all, the extra refinancing credits measured by the TARGET balances involve exactly the kind of credit risk for the core countries as the Luxemburg rescue facility (the European Financial Stability Facility) does," Sinn said.

WHAT RISK?

Such views have been widely contradicted by the Bundesbank, the ECB and others who point out that TARGET2 is a closed system, which does not create new liquidity and that the ECB's full allotment policy means that all banks get all the money they want.