1/2  BIS central bankers' speeches  (ii) Technical innovation Let me now turn to the second point. How the financial ecosystem is experiencing rapid change due to technical innovation.
The Eurosystem is responsible for operating two of the systems that form the backbone of financial markets in Europe, namely TARGET2, the real-time gross settlement system for the euro, and TARGET2-Securities (T2S), a service for the integrated settlement in central bank money of securities transactions.