-June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a ECB EU TARGET ECB TARGET TARGET TARGETTrans-European

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1 TARGET EU TARGET TARGET TARGET EU TARGET TARGET IMF TARGET TARGET TARGET TARGET TARGET Balances TARGET Balances TARGET Balances = IMF

2 -June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a ECB EU TARGET ECB TARGET TARGET TARGETTrans-European

3 TARGET EMI Automated Real-time Gross Settlement Express Transfer System EU RTGSReal-time Gross Settlement RTGS ECB Payment Mechanism TARGET ELLIPS DEBES ELS HERMESeuro SLBE TBF IRIS BI-REL LIPS-Gross TOP ARTIS SPGT BoF-RTGS ERIX CHAPSeuro ECB EPM European Central Bank, TARGET Trans-European Automated Real- Time Gross Settlement Express Transfer System, July, p.. TARGET TARGET EU TARGET A B AB a a b b b a b AB

4 -June TAEGET a b b a RTGS TARGET B b A a TARGET Balances B A A B TARGET Balances TARGET TARGET TARGET TARGET. TARGET RTGS TARGET TARGET RTGS,,..,,. European Central Bank, Third Progress Report on the TARGET Project, Nov., p.. TARGET

5 TARGET TARGET EU EMI EU TARGET EU TARGET EU CHAPSeuro EMU EMU ESCB EMU EMU TARGET ECB TARGET RTGS ECU EBAECU EBAeuro EURO EAF PNS TARGET EBA ECB TARGET TARGET TARGET

6 -June Bank of England, Practical Issues Arising from the Introduction of the Euro, Dec.. p. TARGET EBAEURO TARGET EBA EBA TARGET

7 TARGET Bank of England, Practical Issues Arising from the Introduction of the Euro, Sep., p.. TARGET EUROEBA TARGET EURO TARGET EURO Bank of England, Practical issues arising from the Euro, Nov., p., ECB TARGET,,,,,,, Eurol,, (EBA) EAF,, PNS,, SEPI,, ECB, TARGET Payment Statistics

8 -June ECB, Monthly Bulletin, Nov., p. TARGET EURO EUROEBA TARGET TARGET TARGET TARGET TARGET b b b

9 TARGET b b TARGET Balances b B b c B c b B TARGET Balances B B B b b A b A d A d B b TARGET Balances A B b TARGET Balances B B B B B B TARGET Balances B B TARGET Balances B

10 -June TAEGET Balances TAEGET Balances TARGET Balances TARGET Balances EU TARGET TARGET Deutsche Bundesbank, Monthly Report, Jan., p.. TARGET TARGET

11 TARGET EONIA EURIBOR TARGET ECBEurosystem standing facilities ECB ECB main refinancing operation Eurosystem ECB standing facilities EONIA Eurosystem EONIA

12 -June Bank of England, Practical issues arising from the Euro, June, p.. Ibid., p.. ECB, EBF. standingfacilities

13 TARGET TARGET ECB TARGETTARGET TARGET EU RTGS ECB EPM RTGS RTGS RTGS RTGS EU RTGS TARGET TARGET SSP, Single Shared Platform TARGETTARGET TARGET RTGS SSP TARGET TARGET Box,

14 -June RTGS SSP RTGS RTGS SSP TARGET RTGS SSP ECB TARGET ECB TARGET TARGET SSP Payment Module RTGS EEA,EU TARGET EEA TARGET EEA TARGET Addressable BIC Aggregated liquidity Consolidated information TARGET TARGET Balances

15 TARGET EU TARGET EU ECB EU TARGET EU RTGS TARGET RTGS TARGET ECB RTGS TARGET TARGET Balances TAEGET EU EU ECB RTGSTARGET

16 -June ECB TARGET Balances RTGS TARGET TARGET Balances TARGET ECB TARGET Balances ECB ESCB EU

17 TARGET ESCB ESCB TARGET ECB marginal lending rate TARGET ECB TARGET EU TARGET EU EU TARGET Balances TARGET Balances

18 -June TARGET Balances EU B b b e TARGET b e B TARGET Balances B Balances e b f TARGET Balances f e e A g A g A A TARGET Balancese B A A B TARGET Balances TARGET RTGSCHAPSeuroTARGET EBA non-rtgs

19 TARGET b e e e h h e h b h e e h b e f f h h e f e f A g h g f f g h TARGET EU EU TARGET

20 -June EONIA EURONIA EURIBOR eurolibor EONIA EURONIA EURONIA EONIA eurolibor,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Bank of England, Monetary & Financial Statistics, Oct., Bankstats, Table.

21 TARGET Bank of England, Practical issues arising from the Euro, June p.. EURIBOR eurolibor CP Bank of England, Practical issues arising from the Euro, Nov., p., WMBA. Ibid., p.. Barclays Capital. EU TARGET TARGET EU TARGET CHAPS euro TARGET EURO Payment System Oversight Report 2007, Feb. TARGET

22 -June ESCB TARGET TARGRET CHAPSeuro TARGET, Q, Q, Q, Q, Q,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Bank of England, Monetary & Financial Statistics, Table c.

23 TARGET TARGET TAREGET TARGET TARGET IMF TAEGET TARGET Balances TARGET Balances TARGET Balances TARGET Balances TARGET Balances TARGET Balances ECB ECB

24 -June ECB TARGET Balances TARGET Balances TARGET Balances TARGET Balances TARGET Balances TARGET Balances.,,, Deutsche Bundesbank, Monthly Report, Oct., External position of the Bundesbank in the euro area (p.)

25 TARGET TARGET Balances IMF TARGET Balances TARGET RTGS EU RTGS= TARGET Balances TARGET European Central Bank, Third Progress Report on the TARGET Project, Nov., TARGET Trans-European Automated Real-Time Gross Settlement Express Transfer System, July, TARGET and payments in euro in ECB, Monthly Bulletin, Nov. TARGET ECB, TARGET Annual Report 2008 TARGET Balances TARGET - TARGET balances at the BundesbankDeutsche Bundesbank, Monthly Report, Jan.,p. TARGET EU ECB TARGET Balances Financial accout Bundesbank Monthly Report Jan.,pp.-Monthly Report External position of the Bundesbank in the European monetary union Claims within the Eurosystem Monthly Report External position of the Bundesbank in the euro area Claims within the Eurosystem The balances in the Bundesbanks cross-border payments within the Eurosysytem TARGET TARGET Balances Box TARGET Overdraft

26 -June Practical issues arising from the Euro, June,p. TARGET accounts with the ESCB TARGET Balances ESCB European Central Bank, Third Progress Report on the TARGET Project, Nov.,pp.-, Bank of England, Practical Issues Arising from the Introduction of the Euro, Sep.,pp.-, ECB, Monthly Bulletin, Nov.,p.. RTGS RTGS ECB, op.cit., Nov., p. RTGS. Ibid.,p. CHAPSeuro.Bank of England, Practical Issues Arising from the Introduction of the Euro, Sep.,p. RTGS ECB, Monthly Bulletin, Nov.,p.. Box EBA,EAF,PNS Bank of England, Practical issues arising from the Euro, June,p., ECB, Monthly Bulletin, Nov.,pp.-, BOX Bank of England, Practical issues arising from the Euro, June,, p., Deutsche Bundesbank, Monthly Report, Jan.,p.. BoE, Practical issues arising from the Euro, June, p.. BoE, Practical issues arising from the Euro, Nov., p.. TARGET EU TARGET Balances Deutsche Bundesbank, Monthly Report, Jan.,pp.-. ECB TARGET ECB, Annual TARGET Report,2008,p. Ibid.,p. Ibid.,p., BoE, Practical issues arising from the Euro, Nov.,p. Deutsche Bundesbank, Monthly Report, Jan.,pp.-. Deutsche Bundesbank, Monthly Report, Jan.,p..

27 TARGET Ibid.,p.. ECB, The Monetary Policy of the ECB, Jan.,p., ECB Standing facilities EONIA standing facilities TARGET ECB, Ten years of TARGET and the launch of TARGET in Monthly Bulletin Nov.pp-. Ibid.,pp.-, - ECB, TARGET Annual Report 2008,,pp.-,pp.- ECB, Fifth Progress report on TARGE2, Attchment, p.. ECB, Monthly Bulletin, Nov.,p. Ibid.,p., Ibid.,p., ECB,TARGET Annual Report 2008,,pp.-. Ibid.,p.. ECB, Third Progress Report on the TARGET Project, Nov.,p.. TARGET TARGET TARGET Bank of England, Practical Issues Arising from the Introduction of the Euro, Sep.,p. Ibid.,p. BoE, Practical issues arising from the Euro, June,p.. ECB, Thind Progress Report., p.. BoE, Practical issues arising from the Euro, June,p.. Box Box- ECB, Thind Progress Report., p.. BoE, June,pp.-. ECB,Ten years of TARGET and the Launch of TARGET in Monthly Bulletin, Nov.,p., Bank of England, Payment System Oversight Report 2007, Feb.,No.,p..

28 -June EU TARGET Bank of England, Payment System Oversight Report 2007, Feb.,No.,p.. EURO TARGET TARGET Balances

29 TARGET On TARGET2 TARGET Balances and ESM TARGET Trans-European Automated Real-time Gross settlement Express Transfer system began operations on January 4, 1999 at the same time as the launch of the euro. Since then, TARGET has operated successfully. However TARGET has revealed some weaknesses. In order to overcome them, the Eurosystem decided to introduce a new payment system, TARGET2. We have to examine some characteristics of TARGET2, which were designed to improve the system, and their implications. Furthermore, it is necessary to pay special attention to the TARGET balances between Central Banks, the result of the settlement of accounts between banks which made use of TARGET2, especially the huge accumulation of TARGET balances in some Central Banks in the euro area, triggered by the Greek crisis, which led to the establishment of ESM European Stability Mechanism. OKUDA, Hiroshi, Professor, College of International Relations, Ritsumeikan University

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