TARGET today represents around 90% of the total traffic in large-value payments in euro and is one of the two largest wholesale payment systems in the world, alongside Fedwire in the United States.
And TARGET2 will further improve financial integration, as it will enable the provision of a harmonised level of services across Europe, supported by a single price structure for domestic and cross-border payments and new functionalities to enable banks to better integrate their euro liquidity management. Our next TARGET2 progress report, to be issued in November 2005, will provide further information on our work.