Development of the Eurosystem's market infrastructures: Vision 2020

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Vision 2020 is the Eurosystem's strategy for developing market infrastructures, designed to improve the services currently provided in order to achieve the following objectives:

  • to promote the integration and harmonization of the financial services linked to securities and cash;
  • to identify new services to support the financial markets, financial intermediaries, citizens and firms in Europe;
  • to promote innovation in securities and cash settlement services and the modernization of the Eurosystem's market infrastructures.

These goals will become effective by means of three initiatives currently under way: the technical and functional consolidation of T2 and T2S, the provision of a new pan-European settlement service for instant payments (TARGET Instant Payment Settlement or TIPS) and the implementation of a single collateral management system for Eurosystem credit operations (Eurosystem Collateral Management System or ECMS).

Like T2S, the Vision 2020 strategy is part of the European Commission's Capital Markets Union project, whose ultimate goal is the full integration of the European financial market. The Eurosystem also plays a role here in promoting and guiding the harmonization of operational practices in Europe's financial markets, as does the EU Commission for the legislative and regulatory aspects.

In September 2016, the Eurosystem approved the launch of the investigation phase, in order to define the business case and user requirements, and analyse the costs and benefits of each project. With regard to TIPS, in June 2017 the ECB's Governing Council approved the launch of the project's development phase which was completed in November 2018.

In December 2017, the Governing Council gave the go-ahead to the technical and functional consolidation of T2 and T2S and to the creation of the Eurosystem Collateral Management System (ECMS).


Markets and Payment Systems Directorate General
Payment Systems Directorate
Large-value Payment Systems Division
Via Pastrengo, 14 - 00185 Rome

Tel: +39 06 4792 5700

Markets and Payment Systems Directorate General
Payment Systems Directorate
Eurosystem Market Infrastructures Division
Largo Guido Carli, 1 - 00044 Frascati

Tel: +39 06 4792 6000