No. 9 - TARGET2

The European system for large-value payments settlement

by Paolo Bramini, Matteo Coletti, Francesco Di Stasio, Pierfrancesco Molina, Vittorio Schina, Massimo Valentini
July 2021
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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.

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  1. 23 July 2021
    No. 9 - TARGET2
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    The European system for large-value payments settlement