A single monetary policy entails the need for a payment arrangement through which the monetary policy operations between the national central banks (NCBs) and credit institutions can be effected in a timely and secure manner, and which fosters the singleness of the money market within the euro area.

The original Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is being replaced by TARGET2, which is characterised by a single technical platform called the Single Shared Platform (SSP). TARGET2 will continue to fulfil the same underlying purposes as TARGET, providing a sound and efficient mechanism, functioning on the basis of the SSP, to settle payments in euro.

The European Central Bank (ECB) will participate in TARGET2 in order to process the ECB's own payments and the payments of its customers in TARGET2, and to supply through TARGET2 settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council.

The ECB may only accept central banks and European and international organisations as customers.

The ECB may only grant intraday credit in accordance with this Decision to customers that are European or international organisations.

The Governing Council has decided that the rules of the TARGET2 component systems will be harmonised to the greatest extent possible and made public,