Thus, the Eurosystem set up TARGET as a decentralised system, interlinking the existing national RTGS systems of the EU Member States into a single system. In TARGET2, which went live in May 2008, the decentralised structure of the TARGET system was replaced by a single technical platform.
As a result, we have come within reach of the grail by having an integrated and highly efficient large-value payments landscape in Europe today. Indeed, TARGET2 is the first market infrastructure to be completely integrated and harmonised at the European level.