The second generation of TARGET, TARGET2, has not only established an even more uniform wholesale payment service in the euro area, it has also introduced innovative functionalities. In fact, TARGET2 is the first market infrastructure to be completely integrated and harmonised at the European level.
There are, however, two certainties we can count on. First, the inherent dynamics of the European integration process, which Jean Monnet foresaw and Konstantinos Karamanlis championed, are still at work. The Intergovernmental Conference currently underway to elaborate the details of the new Reform Treaty for the European Union is a clear manifestation of this.