On the usual interpretation, a recession is a period in which the economy is moving down along the Beveridge curve; as output and the demand for labor fall, job vacancies decline and unemployment rises. In contrast, changes in the structural determinants of unemployment are thought to be reflected in shifts of the Beveridge curve to the left or right.
This could be done by processing RMB transactions via the RMB Clearing Bank in Frankfurt. Potential prospects The Bundesbank operates the TARGET2 system together with the French and Italian central banks, while the Eurosystem is currently looking at strategically enhancing its market infrastructures. For example the Eurosystem discusses to offer multicurrency services in a future TARGET2 system.