Brussels, 10/02/2005 (Agence Europe) - The European Central Bank has published an interim report on the Target 2 system, which provides for the transition to a single Eurosystem-wide pricing structure for domestic and cross-border payments and a harmonised service level. This report clarifies a number of points, in order to allow each central bank to take a definitive decision on taking part in the single shared platform, thus reinforcing the integration of the European financial markets.
The report tackles pending issues such as liquidity pooling and provides details of the pricing table of the common part of Target 2 services and the test phases planned up to 2007, to guide the transition from the current system (Target) to the new one for all participants (central banks, financial institutions etc). (The report is available on the ECB website: http://www.ecb.int/pub/pdf/other/target2progressreport200502en.pdf ).