T2 Objectives: Why T2 Exists for Monetary Policy, Stability, and Efficiency
When I analyse T2, I start with its purpose. T2 Objectives explain why the Eurosystem operates this infrastructure and which outcomes its design must support. T2 is more than a platform for large-value payments. It links settlement in central bank money with monetary policy, financial stability, and efficient liquidity management. Therefore, I use these objectives as the basis for understanding its core capabilities, quality requirements, interfaces, and operational rules across TARGET Services.
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