Dovetail Systems explores the rationale behind the Target 2 RTGS project.
On 1 January 1999, the Target (1) system went live. In 2002, the community of European National Central Banks announced the principles for replacing Target 1 with Target 2.
The Target 2 project is now formalised – powered by German technology, led by French project management and operated by Italians...and the screens will be in English. It will begin to roll out, across Europe on a phased basis, in September 2007. So, the questions are:
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- Why replace a new system with another one, in what for a clearing system, is record time?
- What benefits does Target 2 offer over Target 1?
- What is the impact of Target 2 on the 1525 banking institutions that use it?