TARGET Annual Report 2014
Auteur(s) : Banque Centrale Européenne (BCE)
Date de publication: 3 juin 2015
Editeur : Banque Centrale Européenne (BCE)
The market infrastructure for payments is one of the three core components of the financial system, together with markets and institutions. It consists of the set of instruments, networks, rules, procedures and institutions that ensure the circulation of money. The principal objective of this segment of the financial system is to facilitate the execution of transactions between economic agents and to support the efficient allocation of resources in the economy.
The Eurosystem has the statutory task of promoting the smooth operation of payment systems. This is crucial for a sound currency, for the conduct of monetary policy, for the functioning of financial markets, and for supporting financial stability
A key instrument which the Eurosystem uses for carrying out this task is the provision of payment settlement facilities. To this end, the Eurosystem operates the TARGET2 system, the second-generation Trans-European Automated Real-time Gross settlement Express Transfer system for the euro.
In May 2008 TARGET2 replaced the first-generation system, TARGET, which was created in 1999 by the Eurosystem for the settlement of large-value payments in euro, offering a central bank payment service across national borders in the European Union (EU).
Chapter 1 - TARGET2 activity in 2014
Chapter 2 - The TARGET2 system