TARGET2

TARGET2, an acronym for Trans-European Automated Real-time Gross Settlement Express Transfer system, was the Eurosystem's real-time gross settlement (RTGS) system that facilitated the transfer of central bank money between financial institutions across the European Union and European Economic Area from its launch in 2007 until its replacement by the unified T2 platform in March 2023. This system was critical for the execution of the Eurosystem's monetary policy operations and the settlement of large-value payments, processing an average daily value of over €2.2 trillion in 2022.