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The three core components of the financial system are markets, institutions and market infrastructures. The latter facilitate the handling of payments and the clearing and settlement of financial instruments.
Safe and efficient payment, clearing and settlement systems are of fundamental importance for economic and financial activities, the conduct of monetary policy and the maintenance of financial stability in the euro area.
TARGET2
Real-time gross settlement of euro payments in central bank money
TARGET balances are positions on the balance sheets of the central banks in the euro area. Why did they increase during the crisis and how do we interpret their recent decline?
Correspondent central banking model (CCBM)
Cross-border handling of collateral in Eurosystem credit operations
ERMS
Provision of reserve management services for euro assets to central banks and monetary authorities outside the euro area
TARGET2-Securities (T2S)
A pan-European platform for the settlement of securities transactions
SEPA
Towards the establishment of an integrated market for euro retail payments
