The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
TARGET2-Securities Annual Report 2020
Introduction
Market infrastructures form the backbone of the financial system. They provide the networks through which financial institutions and financial markets are connected and financial transactions are cleared and settled. Therefore, it is essential to ensure that market infrastructures are secure and efficient, and that they foster a stable and well-functioning economy. The Eurosystem is closely involved in this work as the conduct of monetary policy depends on the availability of reliable and effective financial market infrastructures, such as TARGET2 (the Trans-European Automated Real-time Gross settlement Express Transfer system for large-value payments), TARGET2‑Securities (for the settlement of securities transactions) and TARGET Instant Payment Settlement (TIPS).