The effectiveness of the framework has also been reflected in the low volatility of short-term interest rates and the virtual absence of any fine-tuning operations on the part of the Eurosystem. The smooth implementation of the single monetary policy has been closely linked to the rapid transformation of national money markets into a single euro area money market.
This process has been significantly supported by TARGET, the Trans-European Automated Real-time Gross settlement Express Transfer system. TARGET, which is operated by the Eurosystem, commenced operations on 4 January last year and is currently the largest payment system within the EU, both in terms of the value of transactions and of the volumes processed.