第二代“泛欧实时全额自动结算系统”的运行机制及启示

TARGET2系统是目前全球最主要的欧元结算系统，主要是为满足欧元推出后，统一欧元区内各国支付体系、提高欧元支付效率与安全性、便利单一货币政策实施需要，于2007年正式推出，也是TARGET系统的升级版。该系统具有开放性特点，且比较安全稳定。随着欧债危机不断恶化，TARGET2系统设计缺陷也开始显现。但该系统确实是不同主权国家共用同一支付结算系统的一种积极探索，对推动人民币跨境使用、促进亚洲区域金融一体化，具有重要启示意义。

The TARGET2 operational mechanism and its implications

The second generation of Trans-European Automated Real-time Gross Settlement Express Transfer System （TARGET2）, an upgraded version of TARGET, was officially launched in 2007. It is currently the most important euro clearing system in the world and mainly used to meet the launch of euro currency, standardize the payment systems in the euro zone, improve euro payment efficiency and security, and facilitate the implementation of single monetary policy. The system is open and relatively secure and stable. With the worsening sovereign debt crisis in Europe, the design flaws of TARGET2 began to manifest. However, the system is actually an active exploration of the shared use of a single payment settlement system by different sovereign countries. It carries significant implications on facilitating cross-border use of RMB and promoting the regional financial integration in Asia.