Generally, market segments close to the single monetary policy are very much integrated, especially the unsecured interbank money market. The high integration in the euro area money markets has been supported by the high degree of integration of large-value payment systems.
TARGET 2, which was introduced in November 2007, provides now an even more uniform wholesale payment system infrastructure by means of a single technical platform. Besides the technical harmonisation, TARGET 2 also discontinued the differentiation in the fees between intra- and inter-Member State payments and thus, led to a further harmonisation of prices.