The first is to explore synergies between TARGET2 and T2S, with the goal of offering a single gateway to the two platforms and enabling TARGET2, a system of the 90s, to benefit from some state-of-the-art features currently available for T2S, a system of the last ten years. What will be the design and the needs of a system for the next decade?
Most notably, we decided to supply liquidity on an unlimited basis and at a fixed rate. In addition we intensified our close cooperation with other central banks, in particular with the Federal Reserve. These measures have enhanced the capability of euro area banks to refinance themselves with the Eurosystem and have helped to ease liquidity tensions in the money markets.