The European Central Bank (ECB) has published an initial public consultation on the Eurosystem Single Interface (ESI).
When the single currency was launched, the Eurosystem set up the TARGET system for the processing of euro payments as well as the Correspondent Central Banking Model (CCBM) arrangement for the management of cross-border collateral for central bank operations. TARGET2 (T2) was the first major result to further integrate European market infrastructures. Other projects include TARGET2 Securities (T2S) and Collateral Central Bank Management (CCBM2). T2, T2S and CCBM2 complement each other (T2 for cash transactions, T2S for securities settlement and CCBM2 for collateral management) and form a liquidity management triangle. To achieve an optimal exploitation of synergies, ways in which access to all three services can be provided through an ESI is being considered.
The deadline for comments on the public consultation is 28 November 2008.
View Initial public consultation of the Eurosystem Single Interface, 1 September 2008