TARGET Annual Report

The European Central Bank (ECB) is today publishing the first edition of the TARGET Annual Report. This document presents an overview of the first two years of TARGET operations.

TARGET is the most important large-value payment system in the euro area, and one of the most important in the world.

An analysis of the business and technical performance of the system is provided for 1999 and 2000, the period under consideration. In addition, the report describes the major developments which have taken place in the organisational and operational frameworks, as well as shedding some light on the future development of the system and on the forthcoming challenges.

In future, the report will be published on an annual basis.

The report will be distributed by each of the EU national central banks to interested parties in their respective countries. It can also be accessed via the ECB's website (pdf 675 kB). Copies can also be obtained from the ECB at the following address: