PROGRESS ON THE DEVELOPMENT OF THE EUROSYSTEM PAYMENT SYSTEMS AND THE EUROPEAN SYSTEM OF CENTRAL BANKS

In order to achieve the objectives and measures set out in the consolidation and completion of the Economic and Monetary Union, a strong European banking system is needed to avoid a possible financial crisis. The progress made and the promotions of the smooth operation of payment systems are the main task of the ESCB. In the same direction, the European System of Central Banks promotes scientific and technical progress for holding and administering the official foreign exchange reserves of the Member States as well as for the safe conduct of the foreign exchange operations of the beneficiaries and, in particular, for defining and implementing the monetary policy of the European Union. In an effective and stable economic and monetary union, an integrated financial system operating on a common platform and well-defined, standardized rules is required. Progress in SEPA on risk mitigation and sharing in the banking sector was possible through the measures adopted for the development of TARGET and the implementation of TARGET2 aimed to enhancing the reliability of the settlement of the operations of the European Central Bank and of all EU credit institutions