The Commission’s final policy programme for the next five years is expected to be published in the form of a White paper before the end of this month. Also the European System of Central Banks (ESCB) contributes to improving financial integration by replacing the euro area’s current decentralized payment system with a single technical platform, called TARGET2.
It will increase cost-effectiveness and allow for the provision of a harmonised level of services across Europe, supported by the implementation of a single price structure for domestic and cross-border payments.