Central Banking

Target 2 experiences three-hour outage

Euro sign, Frankfurt

Target 2, the European large-value payments system owned by the European Central Bank (ECB), is up and running again after experiencing a temporary malfunction early on Monday.

At around 7am Frankfurt time, the ECB, which operates the payments system as part of the Eurosystem, reported a technical issue with the service.

Although the exact source of the malfunction and its impact was not yet known, the ECB said contingency measures were activated immediately, enabling the payments system to

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