2004年-ECB欧洲央行_TARGET2_-_the_future_TARGET_system_brochure_update_2004_4页_391kb

TARGET2 - The Future Target System Summary

Core Objectives of TARGET2

The TARGET2 project was initiated by the Eurosystem in October 2002 with the following main objectives:

• Harmonised Service Level: Provide a consistent level of service across all users through a common technical platform.
• Cost Recovery Principle: Implement a unified pricing structure for both domestic and cross-border payments.
• Meeting User Demands: Adapt to the needs of users, especially due to the enlargement of the euro area.

These objectives were driven by the need to support the single monetary policy and ensure that all euro area countries, including the ten new Member States that joined the EU on 1 May 2004, can connect to the system once they adopt the euro.

Key Features of TARGET2

TARGET2 introduces several innovative features and improvements:

• Single Technical Platform (SSP): A centralised infrastructure that replaces the previous decentralised system, ensuring uniformity and efficiency.
• Flexible Liquidity Management: Offers tools and features that allow for both gross and net settlement, enhancing liquidity efficiency.
• Advanced Technology: Utilises the latest payment system technology and standards, such as SWIFTNet, making it one of the most advanced systems globally.
• Timed Payments Support: Enables time-critical transactions, supporting systems like Continuous Linked Settlement (CLS).
• Integration with Ancillary Systems: Provides a standardised interface for securities and retail payment systems to access TARGET2.
• Business Continuity Measures: Enhances reliability and resilience, including sophisticated contingency plans, to address systemic risks.

Project Phases

The development of TARGET2 is structured into three distinct phases:

1. Pre-Project Phase:

   • Completed by the end of 2004.
   • Involved drafting the General Functional Specifications (GFS) based on user requirements identified during the public consultation.
   • Finalised in July 2004 after discussions with the user community.
   • Structural aspects such as governance, costs, and financing were also finalised.

2. Project Phase:

   • Ongoing until the end of 2005.
   • Focuses on developing detailed functional and technical specifications, software, and technical infrastructure.

3. Testing and Trial Phase:

   • Takes place throughout 2006.
   • Involves intensive testing and pre-production trial runs to ensure system readiness.

The Eurosystem aims to launch live operations in January 2007.

Additional Information

For further details on TARGET2, the following resources are available:

• Public Consultation Document: "TARGET2: principles and structure"
• ECB Monthly Bulletin: April 2004 issue
• TARGET Annual Report

All documents can be accessed via the ECB's website: www.ecb.int

Hard copies can be ordered from:

• European Central Bank
• Press and Information Division
• Kaiserstrasse 29
• 60311 Frankfurt am Main, Germany
• Fax: +49 69 13447404

For direct inquiries, contact the TARGET2 hotline via email:

• target.hotline@ecb.int

Conclusion

TARGET2 represents a significant evolution of the TARGET system, aiming to enhance efficiency, standardisation, and flexibility in the Eurosystem's payment infrastructure. It is designed to meet the growing demands of users, particularly in the context of the euro area's expansion, and to ensure a reliable, resilient, and competitive payment system for the future.