Indeed, we have already helped, in various ways, in the removal of the barriers to efficient and competitive markets identified by the Giovannini Group, for example by providing advice to the European Commission on regulatory aspects that need to be addressed.
Let me now turn to TARGET2, the new RTGS system for the settlement in real time of predominantly high-value euro payments in central bank money as a perfect example of the ECB’s contribution to more integrated and harmonized financial markets. TARGET2 provides a single integrated platform to replace 20 decentralized technical TARGET platforms.