It will also provide for a harmonised level of services and a single price structure. TARGET 2 is a clear illustration of how public authorities can contribute to financial integration by providing a common technical infrastructure. The second way the ECB is active in this area is through the removal of the remaining obstacles to integration.
The report prepared by the Group headed by Alberto Giovannini identified three types of barriers to efficient and competitive markets: differences in technical requirements and market practice; tax differences; and issues relating to legal certainty. For its part, the ECB contributes to removing these obstacles mainly by acting as a catalyst for improvement and by encouraging discussion among the relevant players.