TARGET2, replacing TARGET, provides for a harmonised service level, a single price structure, and a harmonised set of cash settlement services in central bank money for all “ancillary” systems, such as retail payment systems, clearing houses and securities settlement systems. All central banks and TARGET users will have migrated to TARGET2 by 19 May this year.
V.  Concluding remarks  This brings me to the end of my presentation. Central banks are at the core of financial systems and therefore closely follow developments which can foster integration [see slide 25].