# TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) system

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- Post ID: 592926
- Modified: 2023-07-25T21:13:29+00:00
- Language: en

## Definition

Payment system composed of one real-time gross settlement system (RTGS) each of those Member States that are members of the Eurosystem. The national RTGS systems are interconnected through the interlinking system, enabling same-day processing of cross-border credit transfers throughout the euro area. - RTGS systems of non-euro area Member States can also be linked to the TARGET system, but only if they are able to process payments in EUR. - At the end of 2002, the ECB announced a reorganization of the TARGET system (called TARGET2); this went live on November 19, 2007. During 2011, nearly EUR 600,000 billion passed through TARGET2 in the euro area. This corresponds to payments per day in the order of magnitude of the annual gross national product in Germany, which was roughly EUR 2,500 billion in 2010. - It should be noted - which is often misrepresented in reports! - that TARGET does not finance, does not create money, but only enables transfers of existing central bank money.- See Remote Access, Capital Transfer System, Electronic, SEPA Council, Single European Payment Area (SEPA), TARGET Abuse. - Cf. ECB Annual Report 2003, , 93 ff, ECB Monthly Report of November 1999, p. 49, ECB Monthly Report of April 2002, p. 58 ff, ECB Monthly Report of April 2004, p. 65 ff (in great detail), Deutsche Bundesbank Annual Report 2002, p. 129 ff, ECB Annual Report 2004, p. 95 ff. (with some overviews), Deutsche Bundesbank Monthly Report of September 2005, p. 51 ff. (advantages and disadvantages of the system; ongoing improvements), Deutsche Bundesbank Monthly Report of December 2005, p. 29 ff. (detailed presentation of payment systems with many overviews), ECB Monthly Report of September 2006, Annex after the Statistical Section, p. V (presentation, current overviews), Annual Report 2006 of the Deutsche Bundesbank, p. 139 (accounting and balance sheet presentation of clearing balances between central banks), Annual Report 2007 of the Deutsche Bundesbank, p. 113 (further developments), Annual Report 2007 of the ECB, p. 116 ff. (use of the system; overview of transactions), p. 167 (launch of TARGET2), p. 169 (ongoing improvements), ECB Monthly Report of November 2008, pp. 107 ff. (detailed, textbook presentation; overviews), ECB Annual Report 2008, pp. 127 ff. (ongoing developments; overview of payments), Deutsche Bundesbank Annual Report 2009, pp. 119 f. (Eurosystem central banks must use Target; p. 120: Deutsche Bundesbank overview of non-cash payments), ECB Annual Report 2009, pp. 117 ff. (progress in Target 2 system), Deutsche Bundesbank Monthly Report of October 2010, p. 133 (non-cash payment transactions in Germany), ECB Monthly Report of October 2011, p. 36 ff. (Target 2 balances: detailed presentation; overviews; references), ECB Annual Report 2011, p. 97 ff. (basic and current information on TARGET; overview). Deutsche Bundesbank Monthly Report of March 2012, p. 28 (explanation of unusual balances; overview), Deutsche Bundesbank Annual Report 2012, p. 113 (high acceptance of the system), ECB Annual Report 2012, p. 141 f. (operational risks are assessed), and the respective ECB Annual Report, chapter "Financial Market Integration," Deutsche Bundesbank Monthly Report of January 2014, p. 75 (overview of Target balances since 2008). Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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