TARGET2 is used for payments related to both monetary policy and other operations in the interbank market. However, the infrastructure for transferring financial assets for trading and collateral operations was left fragmented. While the cash side had reached a high level of integration, securities still had to be settled in over 30 different systems in Europe.
I would like to use an analogy to explain the nationhood dimension delivered by President Jokowi in his inauguration speech as the President of the Republic of Indonesia. He said “we have been ignoring the sea.” Indonesia must honor its own civilization, by returning to the position of Indonesia as a maritime country. 9.