Integration in payment systems as well as in euro money markets was achieved very quickly after the introduction of the euro because of the existence of TARGET, the EU-wide large-value payment system operated by the Eurosystem. The Eurosystem has decided to introduce refinements to TARGET aimed at reinforcing the benefits that may be derived from a common infrastructure.
In particular, the new system, TARGET 2, will aim at providing a harmonised level of services, with a single TARGET-wide price structure, while seeking cost effectiveness through a shared technical platform among the Eurosystem’s central banks. TARGET is thus a clear illustration of how public authorities can contribute to financial integration by developing a common technical infrastructure.