The most recent decision of the Governing Council of the European Central Bank (ECB) to include the four EU countries not (yet) participating in EMU has also settled the last undecided points which were the subject of animated discussion in the past.
Confirmation has been given that the RTGS systems of the “out” countries will be connected to TARGET but that they will be subject to special conditions regarding the provision of liquidity. The “out” central banks may maintain interest-bearing deposits with the European System of Central Banks (ESCB) and initiate payment orders from them.