The launch of the single shared platform, TARGET2, planned for November 2007, will enhance financial integration even further, as it will provide a harmonised level of service and a single price structure for domestic and cross-border payments. The running of this large-value payment system is a very concrete example of how we provide central banking services that are conducive to fostering financial integration.
Our indicators for one-month and 12-month maturities also consistently show a highly integrated unsecured money market, with the respective cross-country standard deviation of EURIBOR lending rates among euro area countries standing, since early 1999, at values not higher than, and normally below, one basis point. Finally, our indicators also confirm a relatively high degree of integration for the repo market.