No. 9 - TARGET2The European system for large-value payments settlement

TARGET2 is the main European platform for the settlement of large-value payments in central bank money open to central banks' and commercial banks' participation. TARGET2 was a prerequisite of the Monetary Union and is a pillar for its functioning, for the conduct of the single monetary policy and the financial integration of the euro area. This publication explains its genesis, how it works, and outlines its possible future developments.