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The main purpose of this paper is to demonstrate what are the key financial innovations in the euro area payment and securities settlement systems. In particular, the main innovations consist of the completion of the phased migration to the TARGET2 infrastructure, the migration towards a single technical platform for settlement of securities transactions in Europe - TARGET2-Securities, and the introduction of a single retail payment market in euro - the Single European Payments Area (SEPA) and its products, schemes and frameworks. Users of this case study are led step by step to see what is the overall performance of the key euro area large-value payment systems and the retail payment market.
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