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Setting-up of TARGET 1 in Europe

The creation of the euro required setting-up a cross-border settlement system for the entire euro area. The objectives of TARGET (acronym for Trans-European Automated Real-Time Gross Settlement Express Transfer) are two-fold: first, to act as a channel for the transmission of the Eurosystem's single monetary policy and, second, to strengthen the security of large-value settlements. TARGET 1 was modernised in 2008 with the introduction of TARGET 2.

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