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This European Central Bank’s(ECB) report is the sixteenth edition of the TARGET Annual Report. The first edition was published in 2000, covering TARGET’s first year of operation (1999).
The report provides information on TARGET2 traffic, its performance and the main developments that took place in 2015. Annex 1 provides a general overview of the TARGET2 system.
The report is complemented by other annexes that present details of the main features of TARGET2, a chronology of developments in TARGET/TARGET2, a list of general terms and abbreviations, and a glossary.
In addition to the core content, the report includes four boxes, providing detailed information on topics of particular relevance in 2015 or an in-depth analysis of a specific TARGET2 feature.
The boxes focus, respectively, on the evolution of traffic in TARGET2, the velocity of money circulation in the system, TARGET2 network coverage and cash aspects of TARGET2 and T2S. In the report, the references made to the first-generation TARGET system (which was in operation from January 1999 to May 2008) are also applicable to its second generation, TARGET2 (which has been in operation since November 2007).