For that purpose, a cross-border large-value payment system - known as TARGET - is being set up. Since TARGET is attractive to the private sector as well, a disagreement has arisen about the conditions of access. In the main, it revolves around the conditions on which banks and central banks outside the euro area are to be granted intra-day credit.
However since Basel III only affects banks, the regulators of other financial sectors such as insurance are expected to encourage the implementation of solvency II for insurance companies in order to reduce the presence of shadow banking and restrict the risk to move towards less regulated entities or creating regulatory arbitrage.