欧元区银行间清算体系的演进与特征

欧元区各清算系统经历了不断的重组、整合、更新与完善,逐步形成了以欧洲中央银行操作的TARGET和欧洲银行业协会操作的非官方EURO1系统为支柱的二元结构。TARGET作为欧元区银行间清算体系的主渠道,其在运行时间、运行速度、可靠性与服务层次等方面都存在着明显的比较优势,为欧元区单一货币政策的实施提供了便利,也降低了货币支付与转账业务中存在的系统性风险。同时,TARGET系统作为货币市场的基础设施,又为货币区金融经济一体化程度的进一步加深创造了必要的条件,是加速一体化进程的催化剂。

The Evolution and Characteristics of the Inter-bank Settlement Systems in the Euro-zone

The settlement systems in the Euro-zone have been constantly reorganized,integrated,updated and improved to gradually become the dual structure comprising the TARGET system of the European Central Bank and the unofficial EURO1 system.TARGET is the main system for inter-bank settlement in the Euro-zone and enjoys notable comparative advantages in terms of operation speed,reliability and service level,thus facilitating the implementation of the single monetary policy of the Euro-zone and making it less risky to make payments and bank transfers.In addition,TARGET is an infrastructural facility of the monetary market and provides the necessary condition for furthering the financial integration in the Euro-zone and serves as a catalyst for the integration.