Starting with the money market, the obvious example for a central banking service that is conducive to fostering financial integration is the large-value payment system, “TARGET”, that we run. In addition, the launch of the single shared platform, “TARGET2”, is planned for November 2007.
This will enhance financial integration even further, given that it will provide a harmonised service level, ensuring a level playing field for banks across Europe, which will be supported by a single price structure for domestic and cross-border payments. Another example is the short-term paper market.