the TARGET system, which now represents around 90% of the total traffic in large-value payments in euro. With EUR 1.7 trillion settled every day, TARGET is already one of the two largest wholesale payment systems in the world, alongside Fedwire in the United States.
TARGET is a good example of where we have taken direct  BIS Review 26/2004  3  action by providing central banking services that foster European financial integration. We are currently building TARGET2, which is due to go live in 2007 and which will replace the current decentralised system with a single technical platform.