*  *  *  Good morning ladies and gentlemen, I would like to welcome you very warmly to the Bundesbank’s TARGET2 conference organised as part of Euro Finance Week. Today’s conference will focus on two topics: the new TARGET2 system, launching in exactly 369 days from now, and recent developments in European securities settlement.
Both are key components of Europe's financial infrastructure and constitute a primary duty for a central bank: namely, to ensure that payment and securities settlement are both efficient and secure. Central banks can achieve these objectives by assuming various roles including operating their own systems, acting as a catalyst and performing an oversight function.