Skip to main content Accessibility help
×
  1. Home
  2. Search

Refine search

Refine search

Access:
Content type:
Publication date:
Apply   From and To filters
Subject: Show more
Journals Show more
Publishers: Show more
Societies Show more
Series: Show more
Collections: Show more

Actions for selected content:

Select all | Deselect all
  • View selected items
  • Export citations
  • Download PDF (zip)
  • Save to Kindle
  • Save to Dropbox
  • Save to Google Drive

Save Search

You can save your searches here and later view and run them again in "My saved searches".

Please provide a title, maximum of 40 characters.
Cancel
×

2 results

  • Chapter 16 - TARGET2-Securities

  • from Part III - Organizations and Actors of Contemporary Financial Infrastructures
  • Edited by Carola Westermeier, Max Planck Institute for the Study of Societies, Malcolm Campbell-Verduyn, University of Groningen, Barbara Brandl, Goethe-Universität Frankfurt
  • Book:
    The Cambridge Global Handbook of Financial Infrastructure
    Published online:
    21 May 2025
    Print publication:
    05 June 2025, pp 192-208
    • Chapter
      • You have access
      • Open access
    • PDF
    • HTML
    • Export citation

  • Summary

    This chapter outlines the history of a major pan-European financial infrastructure called TARGET2-Securities (T2S) implemented by the European Central Bank in 2015. Today, T2S is the main engine settling cross-border financial transactions in the Eurozone. The chapter describes the overall design and functioning of T2S and presents a history of its making. In particular, the chapter focuses on situating T2S: (1) in the wider landscape of European financial market integration; and (2) in the longue durée of international financial market infrastructure integration. It proposes what the author calls an “amplification thesis” to account for the relationship between European and ancient dimensions of the problems that motivated the creation of T2S. Specifically, it highlights how ancient paradoxes of credit and settlement transpose onto contemporary European financial market integration and how T2S can be seen as a new techno-political response to those problems.