On Nov. 19, the European Central officially launched TARGET 2, the single shared technical platform used for settlement in real time of predominantly high-value euro payments in central bank money. TARGET2 will successively replace the decentralized technical platforms operating under the name TARGET ( Trans-European Automated Real-time Gross settlement Express Transfer system).
TARGET2 is an integrated market solution provided by the Eurosystem, the central banking system of the euro area consisting of the ECB and the national central banks of the European Union member states that have adopted the euro as their common currency. TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB. Three Eurosystem central banks--Banca d'Italia, Banque de France and Deutsche Bundesbank--jointly provide the single technical infrastructure, the Single Shared Platform (SSP) of TARGET2 and operate it on behalf of the Eurosystem.
Phase one of the rollout applies to EU member Austria, Cyprus, Germany, Latvia, Lithuania, Luxemburg, Malta and Slovenia.