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TARGET2 - The European system for large-value payments settlement


  • Paolo Bramini

    (Bank of Italy)

  • Matteo Coletti

    (Bank of Italy)

  • Francesco Di Stasio

    (Bank of Italy)

  • Pierfrancesco Molina

    (Bank of Italy)

  • Vittorio Schina

    (Bank of Italy)

  • Massimo Valentini

    (Bank of Italy)


TARGET2 is the main European platform for the settlement of large-value payments in central bank money open to Central banks and commercial banks participation. TARGET2 was a prerequisite of the Monetary Union establishment and is a pillar for its functioning, for the single monetary policy conduct and the financial integration of the euro area. This publication explains its genesis and functioning, and outlines its possible future developments.

Suggested Citation

  • Paolo Bramini & Matteo Coletti & Francesco Di Stasio & Pierfrancesco Molina & Vittorio Schina & Massimo Valentini, 2021. "TARGET2 - The European system for large-value payments settlement," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 9, Bank of Italy, Directorate General for Markets and Payment System.
  • Handle: RePEc:bdi:wpmisp:mip_009_21

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    payment systems; market infrastructures; gross settlement;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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