CINXE.COM

<!DOCTYPE html> <html lang="de"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>What is T2?</title> <meta name = "citation_title" content="What is T2?"> <meta name = "citation_online_date" content="28 March 2023"> <meta property="article:published_time" content="2023-03-28"> <link rel="canonical" href="https://www.ecb.europa.eu/paym/target/t2/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="Die Europäische Zentralbank (EZB) ist die Zentralbank der Mitgliedstaaten der Europäischen Union, die den Euro eingeführt haben. Unsere vorrangige Aufgabe ist es, Preisstabilität im Euroraum zu gewährleisten und so die Kaufkraft der gemeinsamen Währung zu erhalten."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'de'; ECB.isoLocalLanguageName = 'Deutsch'; ECB.isLive = true; ECB.version = '2724974'; ECB.navigationVersion = '1732551482'; ECB.clientTimeError = 1732829225 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2724974" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1. Januar 1970"> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="What is T2?"> <meta property="og:url" content="https://www.ecb.europa.eu/paym/target/t2/html/index.de.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/paym/target/t2/html?d41d8cd98f00b204e9800998ecf8427e"> <meta property="og:image" content="https://www.ecb.europa.eu/paym/target/t2/html?d41d8cd98f00b204e9800998ecf8427e" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2724974"></script> </head> <body class="project-ecb section-paym sub-target sub-t2 "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.de.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.de.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.de.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_DE.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">DE</span></div> <div id="language-values"> <a href="index.bg.html" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" class="selected" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.de.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/mopo/html/index.de.html">Geldpolitik und Märkte</a><a href="#" class="subpages" title="toggle subpages for Geldpolitik und Märkte"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Geldpolitik und Märkte</div> <p>Unsere geldpolitische Strategie, die Instrumente, die wir einsetzen, und ihre Wirkung</p><a href="/mopo/html/index.en.html">Geldpolitik und Märkte – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Was ist Geldpolitik?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategieüberprüfung</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Programme zum Ankauf von Vermögenswerten</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Letzte Pressekonferenz zur Geldpolitik</div> <div class="image-date">17. Oktober 2024</div></a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.de.html">Einleitung</a><a href="#" class="subpages" title="toggle subpages for Einleitung"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.de.html">Vorteile von Preisstabilität</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.de.html">Wirkungsbereich der Geldpolitik</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.de.html">Transmissionsmechanismus</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.de.html">Geldpolitische Beschlüsse</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.de.html">Strategie</a><a href="#" class="subpages" title="toggle subpages for Strategie"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.de.html">Strategieüberprüfung</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.de.html">Mittelfristige Ausrichtung</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.de.html">2 %-Inflationsziel</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.de.html">Wirtschaftliche, monetäre und finanzielle Entwicklungen</a><a href="#" class="subpages" title="toggle subpages for Wirtschaftliche, monetäre und finanzielle Entwicklungen"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.de.html">Wirtschaftsanalyse</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.de.html">Monetäre und finanzielle Analyse</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.de.html">Instrumente</a><a href="#" class="subpages" title="toggle subpages for Instrumente"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.de.html">Offenmarktgeschäfte</a><a href="#" class="subpages" title="toggle subpages for Offenmarktgeschäfte"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.de.html">GLRGs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.de.html">Programme zum Ankauf von Vermögenswerten</a><a href="#" class="subpages" title="toggle subpages for Programme zum Ankauf von Vermögenswerten"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.de.html">Wertpapierleihgeschäfte</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.de.html">Pandemie-Notfallankaufprogramm </a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.de.html">Ständige Fazilitäten</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.de.html">Mindestreserven</a><a href="#" class="subpages" title="toggle subpages for Mindestreserven"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.de.html">Zweistufiges System</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.de.html">Internationale Finanzmarktoperationen</a><a href="#" class="subpages" title="toggle subpages for Internationale Finanzmarktoperationen"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.de.html">Liquiditätslinien mit Zentralbanken</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.de.html">Notfall-Liquiditätshilfe (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.de.html">Liquiditätsanalyse</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.de.html">Sicherheiten</a><a href="#" class="subpages" title="toggle subpages for Sicherheiten"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.de.html">Kriterien und Prüfung der Notenbankfähigkeit</a><a href="#" class="subpages" title="toggle subpages for Kriterien und Prüfung der Notenbankfähigkeit"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.de.html">Marktfähige Vermögenswerte</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.de.html">Nicht marktfähige Vermögenswerte</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.de.html">Verzeichnis notenbankfähiger marktfähiger Sicherheiten</a><a href="#" class="subpages" title="toggle subpages for Verzeichnis notenbankfähiger marktfähiger Sicherheiten"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.de.html">Benutzerhinweise</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.de.html">Mobilisierung von Sicherheiten</a><a href="#" class="subpages" title="toggle subpages for Mobilisierung von Sicherheiten"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.de.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.de.html">Zugelassene Wertpapierabwicklungssysteme</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.de.html">Zugelassene Verbindungen</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.de.html">Zugelassene Triparty Agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.de.html">Risikominderung</a><a href="#" class="subpages" title="toggle subpages for Risikominderung"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.de.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.de.html">Risikokontrolle</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.de.html">Haircut-Kategorien</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.de.html">Bewertung</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.de.html">Initiative zur Erfassung von Einzelkreditdaten</a><a href="#" class="subpages" title="toggle subpages for Initiative zur Erfassung von Einzelkreditdaten"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.de.html">Schema für die Meldung von Daten</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.de.html">Zulassungskriterien</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.de.html">Kontaktdaten</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.de.html">Wirtschaftsstruktur im Euroraum</a><a href="#" class="subpages" title="toggle subpages for Wirtschaftsstruktur im Euroraum"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.de.html">Wirtschaftspolitik</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.de.html">Finanzpolitik</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.de.html">Außenhandel</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.de.html">Effektive Wechselkurse</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.de.html">Finanzstruktur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.de.html">Finanzmärkte</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.de.html">Finanzintermediäre</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.de.html">Wirtschaftliche Vielfalt</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.de.html">Arbeitsmarkt</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.de.html">Marktkontaktgruppen</a><a href="#" class="subpages" title="toggle subpages for Marktkontaktgruppen"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.de.html">Bond Market Contact Group (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.de.html">Money Market Contact Group (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.de.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.de.html">Operations Managers Group der EZB (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.de.html">Foreign Exchange Contact Group (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.de.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.de.html">Zahlungsverkehr und Finanzstabilität</a><a href="#" class="subpages" title="toggle subpages for Zahlungsverkehr und Finanzstabilität"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Zahlungsverkehr und Finanzstabilität</div> <p>Einblicke in unsere Arbeit in den Bereichen Finanzstabilität und Zahlungsverkehrsinfrastruktur</p><a href="/paym/html/index.en.html">Zahlungsverkehr und Finanzstabilität – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Der digitale Euro</a></li> <li><a href="/press/intro/html/index.en.html">Aktuelles zum Zahlungsverkehr</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET für professionelle Nutzer – Dokumente und Links</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Aktueller Finanzstabilitätsbericht</div> <div class="image-date">16. Mai 2024</div></a></div></div><ul><li class="clearfix"><span>Zahlungsverkehr</span></li><li class="has-subpages -section"><a href="/paym/target/html/index.de.html">TARGET-Dienste</a><a href="#" class="subpages" title="toggle subpages for TARGET-Dienste"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.de.html">Gemeinsame Funktionsmerkmale</a></li><li class="has-subpages -current"><a href="/paym/target/t2/html/index.de.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.de.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.de.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.de.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.de.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.de.html">Zahlen und Fakten</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.de.html">Preisgestaltung</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.de.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.de.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.de.html">Zahlen und Fakten</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.de.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.de.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.de.html">TARGET für professionelle Nutzer – Dokumente und Links</a><a href="#" class="subpages" title="toggle subpages for TARGET für professionelle Nutzer – Dokumente und Links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.de.html">Professionelle Nutzer</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.de.html">T2 – Dokumente und Links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.de.html">Professionelle Nutzung</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.de.html">Professionelle Nutzung</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.de.html">Professionelle Nutzung</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.de.html">Integration und Innovation</a><a href="#" class="subpages" title="toggle subpages for Integration und Innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.de.html">Distributed-Ledger-Technologien</a><a href="#" class="subpages" title="toggle subpages for Distributed-Ledger-Technologien"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.de.html">Sondierungsarbeiten</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.de.html">Massenzahlungen</a><a href="#" class="subpages" title="toggle subpages for Massenzahlungen"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.de.html">Strategie für Massenzahlungen</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.de.html">Katalysatorfunktion der EZB</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.de.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.de.html">Sofortzahlungen</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.de.html">Harmonisierung des Sicherheitenmanagements</a><a href="#" class="subpages" title="toggle subpages for Harmonisierung des Sicherheitenmanagements"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.de.html">Umsetzung</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.de.html">Cyberresilienz</a><a href="#" class="subpages" title="toggle subpages for Cyberresilienz"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.de.html">Finanzmarktinfrastrukturen</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.de.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.de.html">Überwachung</a><a href="#" class="subpages" title="toggle subpages for Überwachung"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.de.html">Zahlungssysteme</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.de.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.de.html">Elektronische Zahlungen</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.de.html">Wertpapierabwicklungssysteme und zentrale Gegenparteien</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.de.html">Kritische Dienstleister</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.de.html">Korrespondenz- und Depotbanken</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.de.html">SecuRe Pay-Forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.de.html">Währungsreservenverwaltung</a><a href="#" class="subpages" title="toggle subpages for Währungsreservenverwaltung"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.de.html">Wesentliche Aspekte</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.de.html">Leistungsspektrum</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.de.html">Personen, die mit Bargeld arbeiten</a><a href="#" class="subpages" title="toggle subpages for Personen, die mit Bargeld arbeiten"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.de.html">Bargeldbearbeitung</a><a href="#" class="subpages" title="toggle subpages for Bargeldbearbeitung"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.de.html">Geräte zur Echtheitsprüfung</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.de.html">Wiederausgabe von Euro-Banknoten</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.de.html">CDI-Spezifikationen</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.de.html">Zulassung von Banknotenherstellern</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.de.html">Kontaktgruppen Zahlungsverkehr</a><a href="#" class="subpages" title="toggle subpages for Kontaktgruppen Zahlungsverkehr"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.de.html">Beratergruppen zu Marktinfrastrukturen</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.de.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.de.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.de.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Finanzstabilität</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.de.html">Finanzstabilität – Einleitung</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.de.html">Makroprudenzielle Maßnahmen</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.de.html">Kontaktgruppen Finanzstabilität</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.de.html">Statistik</a><a href="#" class="subpages" title="toggle subpages for Statistik"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistiken</div> <p>Zugang zu allen Statistiken der EZB und Hintergrundinformationen</p><a href="/stats/html/index.en.html">Statistiken bei der EZB – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Wichtige Zahlen</a></li> <li><a href="https://data.ecb.europa.eu/">Data Portal der EZB</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Alle Datendienste</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">DER EZB-BLOG – Bessere Daten: Auswirkungen des Klimawandels auf die Banken</div> <div class="image-date">18. April 2024</div></a></div></div><ul><li class="clearfix"><span>Häufiger Zugriff</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.de.html">Euro-Wechselkurse</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.de.html">EZB-Leitzinsen</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.de.html">Euro Short-Term Rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro Short-Term Rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.de.html">Referenzzinssätze</a><a href="#" class="subpages" title="toggle subpages for Referenzzinssätze"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.de.html">Arbeitsgruppe zu risikofreien Zinssätzen im Euroraum</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.de.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.de.html">Zinsstrukturkurven des Euroraums</a></li><li class="clearfix"><span>Alle Statistiken und Hintergrund</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.de.html">Alle wichtigen Statistiken</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.de.html">Zugang zu unseren Daten</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.de.html">Wesentliche Merkmale</a><a href="#" class="subpages" title="toggle subpages for Wesentliche Merkmale"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.de.html">Governance und Qualitätsrahmen</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.de.html">Zusammenarbeit und Standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.de.html">Datenmeldungen der Banken</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.de.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.de.html">AnaCredit: Fragen und Antworten</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.de.html">Öffentliche Konsultationen</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.de.html">Banking Industry Dialogue zu ESZB-Statistiken und integrierter Berichterstattung</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.de.html">SDMX – Modell zum Austausch statistischer Daten</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.de.html">INEXDA – Netzwerk granularer Daten</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.de.html">Der Euro</a><a href="#" class="subpages" title="toggle subpages for Der Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Der Euro</div> <p>Das Wichtigste über unsere gemeinsame Währung</p><a href="/euro/html/index.en.html">Der Euro – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Personen, die mit Bargeld arbeiten</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistiken zu Banknoten und Münzen</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro-Wechselkurse</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Erster Fortschrittsbericht zur Vorbereitungsphase des digitalen Euro</div> <div class="image-date">24. Juni 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.de.html">Digitaler Euro</a><a href="#" class="subpages" title="toggle subpages for Digitaler Euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.de.html">Merkmale</a><a href="#" class="subpages" title="toggle subpages for Merkmale"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.de.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.de.html">Wie ein digitaler Euro funktioniert</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.de.html">Warum wir einen digitalen Euro brauchen</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.de.html">Zeitplan und Fortschritte</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.de.html">Ausführliche Informationen</a><a href="#" class="subpages" title="toggle subpages for Ausführliche Informationen"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.de.html">Governance und Einbindung von Akteuren</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.de.html">Technische Dokumentation und Forschungsarbeit</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.de.html">Regelwerk für das System</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li><li class="clearfix"><span>Bargeld</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.de.html">Bargeldstrategie des Eurosystems</a><a href="#" class="subpages" title="toggle subpages for Bargeldstrategie des Eurosystems"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.de.html">Rolle des Bargelds</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.de.html">Ausgabe und Umlauf</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.de.html">Zugang zu Bargeld und seine Akzeptanz</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.de.html">Banknoten</a><a href="#" class="subpages" title="toggle subpages for Banknoten"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.de.html">Künftige Banknoten</a><a href="#" class="subpages" title="toggle subpages for Künftige Banknoten"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.de.html">Neugestaltungsprozess</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.de.html">Aktuelle Banknoten</a><a href="#" class="subpages" title="toggle subpages for Aktuelle Banknoten"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.de.html">Stückelungen</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.de.html">Gestaltungselemente</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.de.html">Sicherheitsmerkmale</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.de.html">Falschgeldbekämpfung</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.de.html">Banknotenherstellung und Banknotenreserven</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.de.html">Beschädigte und verfärbte Banknoten</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.de.html">Umwelt, Gesundheit und Sicherheit</a><a href="#" class="subpages" title="toggle subpages for Umwelt, Gesundheit und Sicherheit"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.de.html">Umweltfußabdruck von Banknoten</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.de.html">Forschung und Entwicklung</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.de.html">Abbildungen und Reproduktionsvorschriften</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.de.html">Informations- und Schulungsmaterial</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.de.html">Münzen</a><a href="#" class="subpages" title="toggle subpages for Münzen"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.de.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.de.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.de.html">50 Cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.de.html">20 Cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.de.html">10 Cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.de.html">5 Cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.de.html">2 Cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.de.html">1 Cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.de.html">Gemeinsame Seiten</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.de.html">2-€-Gedenkmünzen</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.de.html">Sicherheitsmerkmale</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.de.html">Sammlermünzen</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.de.html">Euro-Bargeldumstellungen</a><a href="#" class="subpages" title="toggle subpages for Euro-Bargeldumstellungen"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.de.html">Kroatien (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.de.html">Litauen (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.de.html">Lettland (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.de.html">Estland (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.de.html">Slowakei (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.de.html">Zypern (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.de.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.de.html">Slowenien (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.de.html">Erste Euro-Bargeldumstellung (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.de.html">Umtausch von nationalem Bargeld</a><a href="#" class="subpages" title="toggle subpages for Umtausch von nationalem Bargeld"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.de.html">Österreich</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.de.html">Belgien</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.de.html">Kroatien</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.de.html">Zypern</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.de.html">Estland</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.de.html">Finnland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.de.html">Frankreich</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.de.html">Deutschland</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.de.html">Griechenland</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.de.html">Irland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.de.html">Italien</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.de.html">Lettland</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.de.html">Litauen</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.de.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.de.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.de.html">Niederlande</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.de.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.de.html">Slowakei</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.de.html">Slowenien</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.de.html">Spanien</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.de.html">Für Menschen mit Sehbehinderung</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.de.html">Forschung</a><a href="#" class="subpages" title="toggle subpages for Forschung"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Forschung</div> <p>Ausführliche Studien und Expertenanalysen zu verschiedenen Themen und Bereichen</p><a href="/pub/html/index.en.html">Forschung bei der EZB – ein Überblick</a> <hr> <div class="nav-title">Direktzugriff</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konferenzen und Seminare</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Forschungsmöglichkeiten</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Research Bulletin</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.de.html">Wirtschaftsforschung</a><a href="#" class="subpages" title="toggle subpages for Wirtschaftsforschung"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.de.html">Forschungsagenda</a><a href="#" class="subpages" title="toggle subpages for Forschungsagenda"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.de.html">Geldpolitik, Strategie und Umsetzung</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.de.html">Finanzpolitik und Governance in der Wirtschafts- und Währungsunion</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.de.html">Internationale Makroökonomie und internationales Finanzwesen</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.de.html">Realwirtschaft und mikroökonomische Analyse</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.de.html">Prognosen und Konjunkturanalyse</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.de.html">Makrofinanzen, systemische Risiken und makroprudenzielle Politik</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.de.html">Finanzinstitutionen, mikroprudenzielle Politik, Finanzmärkte und Zahlungsverkehr</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.de.html">Forschungsprogramme und -stipendien</a><a href="#" class="subpages" title="toggle subpages for Forschungsprogramme und -stipendien"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.de.html">Wim Duisenberg Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.de.html">Gastforscherprogramm</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.de.html">Lamfalussy Fellowship</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.de.html">Summer Research Graduate Programme</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.de.html">Student Research Traineeship Programme</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.de.html">Rechtsforschung</a><a href="#" class="subpages" title="toggle subpages for Rechtsforschung"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.de.html">Rechtskonferenzen und -seminare</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.de.html">Forschungsprogramm Recht</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.de.html">Wissenschaftliche Veröffentlichungen</a><a href="#" class="subpages" title="toggle subpages for Wissenschaftliche Veröffentlichungen"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.de.html">Autorenverzeichnis</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.de.html">Forscher der EZB</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.de.html">Forschungsnetzwerke</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.de.html">Nachrichten und Publikationen</a><a href="#" class="subpages" title="toggle subpages for Nachrichten und Publikationen"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Nachrichten und Publikationen</div><a href="/press/pubbydate/html/index.en.html">Zu allen Nachrichten und Publikationen</a><hr> </div> </div><ul><li><span>Nachrichten</span></li><li><a href="/press/pr/html/index.de.html">Pressemitteilungen</a></li><li><a href="/press/stats/html/index.de.html">Statistische Pressemitteilungen</a></li><li><a href="/press/key/html/index.de.html">Reden</a></li><li><a href="/press/inter/html/index.de.html">Interviews</a></li><li><a href="/press/blog/html/index.de.html">Der EZB-Blog</a></li><li><a href="/press/tvservices/html/index.de.html">Podcasts und Webcasts</a></li><li><a href="/press/intro/html/index.de.html">Einleitung</a></li><li><a href="/press/contacts/html/index.de.html">Medienkontakt</a></li></ul></div><ul><li class="clearfix"><span>Publikationen</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.de.html">Beschlüsse des EZB-Rats</a><a href="#" class="subpages" title="toggle subpages for Beschlüsse des EZB-Rats"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.de.html">Geldpolitische Beschlüsse</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.de.html">Sonstige Beschlüsse</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.de.html">Zusammenfassungen der geldpolitischen Sitzungen</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.de.html">Wirtschaftsbericht</a><a href="#" class="subpages" title="toggle subpages for Wirtschaftsbericht"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.de.html">Aufsätze</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.de.html">Im Fokus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.de.html">Monatsbericht</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.de.html">Gesamtwirtschaftliche Projektionen</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.de.html">Jahresberichte und Wochenausweise</a><a href="#" class="subpages" title="toggle subpages for Jahresberichte und Wochenausweise"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.de.html">Jahresbericht</a><a href="#" class="subpages" title="toggle subpages for Jahresbericht"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.de.html">Jahresabschluss</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.de.html">Bilanz des Eurosystems</a><a href="#" class="subpages" title="toggle subpages for Bilanz des Eurosystems"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.de.html">Geldpolitische Geschäfte</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.de.html">Wochenausweise</a><a href="#" class="subpages" title="toggle subpages for Wochenausweise"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.de.html">Aufgeschlüsselte Daten</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.de.html">Publikationen zur Finanzstabilität</a><a href="#" class="subpages" title="toggle subpages for Publikationen zur Finanzstabilität"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.de.html">Finanzstabilitätsbericht</a><a href="#" class="subpages" title="toggle subpages for Finanzstabilitätsbericht"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.de.html">Sonderaufsätze</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.de.html">Macroprudential Bulletin</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.de.html">Wissenschaftliche Veröffentlichungen</a><a href="#" class="subpages" title="toggle subpages for Wissenschaftliche Veröffentlichungen"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.de.html">Research Bulletin</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.de.html">Working Papers</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.de.html">Discussion Papers</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.de.html">Occasional Papers</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.de.html">Legal Working Papers</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.de.html">Statistics Papers</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.de.html">Sonstige Publikationen</a><a href="#" class="subpages" title="toggle subpages for Sonstige Publikationen"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.de.html">Schreiben an Mitglieder des Europäischen Parlaments</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.de.html">Konvergenzbericht</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.de.html">Internationale Rolle des Euro</a></li></ul></li><li class="clearfix"><span>Veranstaltungen und Terminkalender</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.de.html">Pressekonferenz</a><a href="#" class="subpages" title="toggle subpages for Pressekonferenz"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.de.html">Pressekonferenzen</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.de.html">Erklärung zur Geldpolitik auf einen Blick</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.de.html">Konferenzen und Seminare</a><a href="#" class="subpages" title="toggle subpages for Konferenzen und Seminare"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.de.html">Forum on Central Banking</a><a href="#" class="subpages" title="toggle subpages for Forum on Central Banking"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.de.html">Preis für junge Wirtschaftstalente</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.de.html">Veranstaltungsrückblick</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.de.html">Einbeziehung der Zivilgesellschaft</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.de.html">Terminkalender</a><a href="#" class="subpages" title="toggle subpages for Terminkalender"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.de.html">Wochenüberblick</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.de.html">Sitzungen des EZB-Rats und des Erweiterten Rats</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.de.html">Statistische Veröffentlichungstermine</a><a href="#" class="subpages" title="toggle subpages for Statistische Veröffentlichungstermine"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.de.html">Geld-, Banken- und Finanzmärkte</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.de.html">Konten des Euroraums</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.de.html">Außenwirtschaft</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.de.html">Preise, Produktion, Nachfrage und Arbeitsmärkte</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.de.html">Öffentliche Finanzen</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.de.html">Aufsichtliche und regulatorische Statistiken</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.de.html">Tenderoperationen des Eurosystems</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.de.html">Mindestreserve-Erfüllungsperioden</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.de.html">Bankenaufsicht<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.de.html">Über uns</a><a href="#" class="subpages" title="toggle subpages for Über uns"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Über uns</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.de.html">Über uns</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.de.html">Beschlussorgane</a><a href="#" class="subpages" title="toggle subpages for Beschlussorgane"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.de.html">Direktorium</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.de.html">EZB-Rat</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.de.html">Erweiterter Rat</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.de.html">Aufsichtsgremium</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.de.html">Organisation</a><a href="#" class="subpages" title="toggle subpages for Organisation"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.de.html">EZB, ESZB und Eurosystem</a><a href="#" class="subpages" title="toggle subpages for EZB, ESZB und Eurosystem"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.de.html">Leitbild der EZB</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.de.html">Leitbild des Eurosystems</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.de.html">Strategische Leitlinien</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.de.html">Organisatorische Grundsätze</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.de.html">Aufgaben</a><a href="#" class="subpages" title="toggle subpages for Aufgaben"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.de.html">Geldpolitik</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.de.html">Statistik</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.de.html">Finanzstabilität und makroprudenzielle Politik</a><a href="#" class="subpages" title="toggle subpages for Finanzstabilität und makroprudenzielle Politik"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.de.html">Unsere Aufgaben</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.de.html">Strategie</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.de.html">Institutioneller Rahmen</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.de.html">Banknoten</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.de.html">Zahlungsverkehr und Wertpapiere</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.de.html">Europäische Beziehungen</a><a href="#" class="subpages" title="toggle subpages for Europäische Beziehungen"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.de.html">Zusammenarbeit in Europa</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.de.html">Handlungsrahmen der WWU</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.de.html">Internationale Angelegenheiten</a><a href="#" class="subpages" title="toggle subpages for Internationale Angelegenheiten"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.de.html">Internationale Beziehungen und Analysen</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.de.html">Internationale Zentralbankkooperation</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.de.html">Währungsreserven und Eigenmittel</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.de.html">Devisengeschäfte</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.de.html">Organigramm der EZB</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.de.html">Kapitalzeichnung</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.de.html">Institutionelle Governance</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.de.html">Unsere Werte</a><a href="#" class="subpages" title="toggle subpages for Unsere Werte"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.de.html">Unabhängigkeit</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.de.html">Transparenz</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.de.html">Rechenschaftspflicht</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.de.html">Ethisches Arbeiten, geleitet von Integrität</a><a href="#" class="subpages" title="toggle subpages for Ethisches Arbeiten, geleitet von Integrität"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.de.html">Ethiknetzwerk multilateraler Organisationen (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.de.html">Unsere Geschichte, Kunst und Kultur</a><a href="#" class="subpages" title="toggle subpages for Unsere Geschichte, Kunst und Kultur"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.de.html">Unsere Geschichte</a><a href="#" class="subpages" title="toggle subpages for Unsere Geschichte"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.de.html">25 Jahre EZB</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.de.html">Wirtschafts- und Währungsunion</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.de.html">EU-Erweiterung</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.de.html">Europäische Union</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.de.html">Archiv</a><a href="#" class="subpages" title="toggle subpages for Archiv"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.de.html">Ausschuss der Zentralbankpräsidenten</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.de.html">Europäischer Fonds für währungspolitische Zusammenarbeit</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.de.html">Delors-Ausschuss</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.de.html">Europäisches Währungsinstitut</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.de.html">Europäische Zentralbank</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.de.html">Kunst und Kultur</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.de.html">Rechtlicher Rahmen</a><a href="#" class="subpages" title="toggle subpages for Rechtlicher Rahmen"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.de.html">Häufig gestellte Fragen</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.de.html">Häufig gesuchte Rechtsakte</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.de.html">Klimawandel und die EZB</a><a href="#" class="subpages" title="toggle subpages for Klimawandel und die EZB"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.de.html">Unser Klima- und Umweltplan</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.de.html">Offenlegungen klimabezogener Finanzinformationen</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.de.html">Steuerung von Klimarisiken</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.de.html">Unterstützung des grünen Wandels</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.de.html">Förderung weitergehender Maßnahmen</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.de.html">Unser Ansatz</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.de.html">Umweltschutz</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.de.html">Lücke im Klimaversicherungsschutz</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.de.html">Von der EZB verhängte Sanktionen</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.de.html">Beschaffung</a><a href="#" class="subpages" title="toggle subpages for Beschaffung"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.de.html">Ausschreibungen</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.de.html">Archiv</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.de.html">Elektronisches Ausschreibungssystem</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.de.html">Zugang zu Dokumenten</a><a href="#" class="subpages" title="toggle subpages for Zugang zu Dokumenten"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.de.html">Öffentliches Dokumentenverzeichnis</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.de.html">Kontakt</a><a href="#" class="subpages" title="toggle subpages for Kontakt"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.de.html">Anschrift</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.de.html">Bürozeiten</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.de.html">ECB & You</a><a href="#" class="subpages" title="toggle subpages for ECB & You"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ECB & You</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.de.html">Bildungsangebot</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.de.html">Wissenswertes</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.de.html">Teste dein Wissen</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.de.html">Initiativen für junge Leute</a><a href="#" class="subpages" title="toggle subpages for Initiativen für junge Leute"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.de.html">IT-Bootcamp für Mädchen</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.de.html">Wir alle brauchen Stabilität</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.de.html">ECB & You</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.de.html">Haben Sie Fragen?</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.de.html">Besuchen Sie uns</a><a href="#" class="subpages" title="toggle subpages for Besuchen Sie uns"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.de.html">Hauptgebäude</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.de.html">Karriere</a><a href="#" class="subpages" title="toggle subpages for Karriere"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Karriere</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.de.html">Karriere</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.de.html">Stellenangebote</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.de.html">Wer wir sind</a><a href="#" class="subpages" title="toggle subpages for Wer wir sind"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.de.html">Über die EZB</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.de.html">Mitarbeiter-Statements</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.de.html">Leben in Frankfurt</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.de.html">Warum wir Diversität schätzen</a><a href="#" class="subpages" title="toggle subpages for Warum wir Diversität schätzen"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.de.html">Women@ECB</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.de.html">Diversitätsnetzwerke</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.de.html">Was wir bieten</a><a href="#" class="subpages" title="toggle subpages for Was wir bieten"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.de.html">Leistungen und Zulagen</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.de.html">Vertragsarten</a><a href="#" class="subpages" title="toggle subpages for Vertragsarten"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.de.html">Befristeter Vertrag</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.de.html">Kurzzeitvertrag</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.de.html">ESZB/IO</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.de.html">Sonstige</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.de.html">Praktikum</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.de.html">Graduate Programme</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.de.html">Stipendium für Ökonominnen</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.de.html">EZB-Stipendium für Hochschulabsolventen aus der Ukraine</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.de.html">Wie Sie Teil des Teams werden</a><a href="#" class="subpages" title="toggle subpages for Wie Sie Teil des Teams werden"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.de.html">Wie Sie sich bewerben</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.de.html">Wie wir Mitarbeiter einstellen</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.de.html">Neu bei der EZB?</a><a href="#" class="subpages" title="toggle subpages for Neu bei der EZB?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.de.html">Mitarbeiter mit befristeten Verträgen</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.de.html">Mitarbeiter mit Kurzzeitverträgen</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.de.html">Praktikanten</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.de.html">Entsandte Mitarbeiter</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.de.html">Häufig gestellte Fragen</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">ALLE ZEITRÄUME <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">VORMONAT <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">VORJAHR <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Suchoptionen</div> <div id="text-image-preview" class="title-option hidden">Bildvorschau</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Sortieren nach</label> <div id="dropdownFilter" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">ALLE ZEITRÄUME</option> <option value="month" class="count-hits-month">VORMONAT</option> <option value="year" class="count-hits-year">VORJAHR</option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Vorschläge</label> <div id="dropdownSuggestions" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel"><div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"><span id="adcat_home">Startseite</span> <span id="adcat_press">Medien</span> <span id="adcat_explainers">Wissenswertes</span> <span id="adcat_pub">Forschung und Publikationen</span> <span id="adcat_stats">Statistiken</span> <span id="adcat_mopo">Geldpolitik</span> <span id="adcat_euro">Der Euro</span> <span id="adcat_paym">Zahlungsverkehr und Märkte</span> <span id="adcat_career">Karriere</span></div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"><span>Vorschläge</span><div id="suggestions-container"> </div> </div> <div id="result-sortBy"><span>Sortieren nach</span><div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Relevanz</label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Datum</label> </div> </div> </div> </div> <div id="addsearch-image-container"><a href="#" class="no-icon" target="_blank"><img src="" id="addsearch-image" /></a></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/paym/shared/img/header.webp" data-image="/paym/shared/img/header.jpg"> <div data-image="/paym/shared/img/header.jpg" data-image-webp="/paym/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="toBeUpdated" id="language-not-available">Nicht auf Deutsch verfügbar.</div> <div class="title"> <h1>What is T2?</h1> </div> <div class="section"> <p>T2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in euro to T2, where they are processed and settled in central bank money, i.e. money held in an account with a central bank. </p> <p>T2 settles payments related to the Eurosystem’s monetary policy operations, as well as bank-to-bank and commercial transactions. </p> <p>Every five days, T2 processes a value close to the entire euro area GDP, which makes it one of the largest payment systems in the world. More than 1,000 banks use T2 to initiate transactions in euro, either on their own behalf or on behalf of their customers. Taking into account branches and subsidiaries, more than 43,000 banks worldwide and all their customers can be reached via T2. </p> <p>T2 offers enhanced and modernised services to the market. The ISO 20022 messaging standard is used, as is also the case for <a href="/paym/target/t2s/html/index.en.html" data-label="Englisch">T2S</a> and <a href="/paym/target/tips/html/index.en.html" data-label="Englisch">TIPS</a>. The RTGS system is able to facilitate payments in several currencies, if the respective central bank decides to do so. </p> <p>The TARGET Services share several features to improve liquidity management across them and make payments more cost-effective and efficient. </p> <a href="/paym/target/coco/html/index.en.html" data-label="Englisch">TARGET Services shared features</a> <h2>Objectives of T2 </h2> <ul><li>Support the implementation of the Eurosystem’s monetary policy and the functioning of the euro money market</li><li>Minimise systemic risk in the payments market, i.e. the possibility of a single actor causing an entire market to collapse</li><li>Ensure the efficient processing of payments in euro</li></ul> <p>By meeting these objectives, T2 enables payments to flow safely and efficiently across Europe, and contributes to the stability of the euro.</p> <h2>How does T2 work? </h2> <p>Payment orders are submitted to the platform for processing and are settled one by one on a continuous basis in central bank money, with immediate finality. There is no upper or lower limit for their value. T2 is used by central banks and commercial banks for monetary policy transactions, interbank payments and commercial payments. </p> <p>The availability and cost of liquidity are two crucial issues for the smooth processing of payments in RTGS systems. T2 has a range of features allowing efficient liquidity management, including payment priorities, timed transactions, liquidity reservation facilities, limits, liquidity pooling and optimisation procedures. It also shares several features with the other TARGET Services to improve liquidity management across them.</p> <p>T2 is open for the processing of payments every working day. The system is closed on the following days:</p> <ul><li>1 January (New Year's Day)</li><li>Good Friday</li><li>Easter Monday</li><li>1 May (Labour Day)</li><li>25 December (Christmas Day)</li><li>26 December</li></ul> <h2>Participation </h2> <p>T2 is used to carry out monetary policy operations in the euro area. The central banks of EU Member States which have not yet adopted the euro also have the option to participate in T2 and settle transactions in euro via the platform. Its multi-currency feature allows settlement in other currencies should the respective central bank decide to do so.</p> <p>Other financial institutions can connect to T2 via a participating central bank. They can choose from several different access options:</p> <ul><li><strong>Direct participant</strong>: a financial institution established in the European Economic Area (EEA) that holds an RTGS account in central bank money in T2, sends and receives payments on its own behalf or on behalf of its customers</li><li><strong>Multi-addressee access</strong>: branches and subsidiaries of a direct participant in the EEA that are authorised to channel payments through the account of the direct participant</li><li><strong>Addressable BIC</strong>: a correspondent of a direct participant that holds a Bank Identifier Code (BIC), irrespective of its place of establishment</li></ul> <h2>Pricing </h2> <p>The RTGS system is subject to two pricing schemes: the <strong>RTGS core pricing scheme</strong>, which applies to payment banks and central banks with regard to the processing of payment orders and liquidity transfers, and the<strong> ancillary system pricing scheme</strong>, which applies to ancillary systems settling. </p> <p>Under each of the two pricing schemes, participants can choose between a lower fixed monthly fee plus a fixed transaction fee; or a higher fixed monthly fee plus a volume-based transaction fee (i.e. a fee that gradually reduces as the number of transactions increases). </p> <p>The <a href="/paym/target/coco/shared/docs/ecb.pricingcoco_target.en.pdf" data-label="Englisch">TARGET Services pricing guide</a> provides users with a comprehensive overview of the pricing schemes and a detailed guide to the billing principles that apply to the various types of transactions, as well as to the entities to be invoiced. </p> <h2>TARGET and TARGET2: the predecessors of T2 </h2> <p>In response to changing market demands, the Eurosystem launched a review of its RTGS services in December 2017. The objective was to consolidate the technical and functional aspects of the predecessor to T2, TARGET2, and <a href="/paym/target/t2s/html/index.en.html" data-label="Englisch">T2S</a>, with the aim of improving efficiency and reducing operating costs. </p> <p>TARGET2 remained in operation until March 2023 when T2 was launched. </p> <p>TARGET2 was running smoothly for over a decade, ensuring safety and efficiency in European payments. However, payments changed significantly during this period due to technological developments, new regulatory requirements and changing consumer demands. </p> <p>TARGET2 replaced the first-generation RTGS system for the euro. TARGET commenced operations on 4 January 1999, a few days after the launch of the euro. The single currency needed a payment service to support monetary policy operations and to settle euro payments across national borders in the EU. </p> <p>TARGET was built by linking together the different RTGS structures that already existed at national level as there was not sufficient time to develop a single system. However, this decentralised structure proved inefficient and costly in the long term. The Banque de France, Deutsche Bundesbank and Banca d'Italia were given the tasks of developing the new platform and acting as a service provider on behalf of the Eurosystem. TARGET2 was launched on 19 November 2007 and fully replaced the first-generation TARGET by May 2008. </p> <a href="/press/pubbydate/html/index.de.html?topic=Payment%20systems?skey=TARGET%20Annual%20Report">TARGET Annual Reports</a> <a href="/paym/target/target2/facts/html/index.en.html" data-label="Englisch">TARGET2 facts and figures</a> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Alle Seiten in diesem Abschnitt</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Gefällt Ihnen diese Seite?</div><a class="button -inverted-color" id="feedback-yes">Ja</a> <a class="button -inverted-color" id="feedback-no">Nein</a></div> <div class="second hidden"> <div class="title">Was gefällt Ihnen nicht?</div><a class="button -inverted-color" id="feedback-broken">Seite funktioniert nicht</a> <a class="button -inverted-color" id="feedback-content">Informationen nicht hilfreich</a> <a class="button -inverted-color" id="feedback-design">Design nicht ansprechend</a> <a class="button -inverted-color" id="feedback-other">Sonstiges</a></div> <div class="final hidden"> <div class="title">Vielen Dank für Ihr Feedback.</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Sitemap">Sitemap</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Präsenz der EZB in den sozialen Medien">FOLGEN SIE UNS</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="SoundCloud"></a> <a href="/rss" class="rss" title="RSS-Newsfeeds"></a></div> </div><div class="ecb-footerBottom"><p><span>© 2024</span> Europäische Zentralbank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Nützliche Links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Freie Stellen</a></li> <li><a href="/services/glossary/html/index.en.html">Glossar</a></li> <li><a href="/services/links/html/index.en.html">Andere Institutionen</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Nutzung unserer Website</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Haftungsausschluss und Urheberrecht</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Datenschutzerklärung</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Sprachenregelung</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Unternehmensrichtlinien</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Datenschutz</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Zugang zu Dokumenten</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kontaktmöglichkeiten</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Kontakt</a></li> <li><a href="/services/contacts/address/html/index.en.html">Anschrift</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Bürozeiten</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2724974" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>Unsere Website verwendet Cookies.</h2> <p>Wir arbeiten kontinuierlich daran, die Benutzerfreundlichkeit unserer Website zu verbessern. Zu diesem Zweck nutzen wir durch Cookies erfasste anonymisierte Daten.<br> <a href="/home/data-protection/privacy-statements/website/html/index.de.html" class="arrow">Weitere Informationen zu unserer Nutzung von Cookies</a></p> <div class="consentButtons initial cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Ich verstehe und stimme der Nutzung von Cookies zu</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ich stimme der Nutzung von Cookies nicht zu</a></div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Vielen Dank!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Vielen Dank!</h2> </div> <div class="updated hidden"> <h2>Wir haben unsere Datenschutzbestimmungen aktualisiert.</h2> <p>Wir arbeiten kontinuierlich daran, die Benutzerfreundlichkeit unserer Website zu verbessern. Zu diesem Zweck nutzen wir durch Cookies erfasste anonymisierte Daten.<br> <a href="/home/data-protection/privacy-statements/website/html/index.de.html" class="arrow">Änderungen unserer Datenschutzbestimmungen ansehen</a></p> <div class="consentButtons updated cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Ich verstehe und stimme der Nutzung von Cookies zu</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ich stimme der Nutzung von Cookies nicht zu</a></div> </div> <div class="expired hidden"> <h2>Ihre Cookies-Einstellungen sind nicht mehr gültig.</h2> <p>Wir arbeiten kontinuierlich daran, die Benutzerfreundlichkeit unserer Website zu verbessern. Zu diesem Zweck nutzen wir durch Cookies erfasste anonyme Daten.<br> <a href="/home/data-protection/privacy-statements/website/html/index.de.html" class="arrow">Weitere Informationen zu unserer Nutzung von Cookies</a></p> <div class="consentButtons expired cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Ich verstehe und stimme der Nutzung von Cookies zu</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Ich stimme der Nutzung von Cookies nicht zu</a></div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">Für diese Funktion sind Cookies erforderlich.</div><a href="/home/data-protection/privacy-statements/website/html/index.de.html" class="button">Datenschutzbestimmungen</a></div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>