First of all, I would like to mention TARGET, the real-time gross settlement system for the euro, which, since its launch in January 1999, has contributed to the integration of euro-area financial markets, by providing its users with an area-wide payment infrastructure.
In response to the growing demand from financial institutions for more advanced and harmonised payment and settlement services across Europe, the Eurosystem decided to migrate from TARGET as a system of systems, to a single shared platform, TARGET2, where the rules of the different legal systems are harmonised to the greatest possible extent.