Hitting the target

Target, the Trans-European Automated Real-Time Gross Settlement Express Transfer System to give its full name, has now been in operation for three years. The European Central Bank (ECB) initiated, developed and started the operation of Target in January 1999. It has been successfully operated by the ECB since then. This success has initiated discussions on a long-term strategy for Target and its central role in future clearing and settlement systems for the Euro. The new product that could

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