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generală a politicii monetare și a piețelor</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Ce este politica monetară?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Evaluarea strategiei</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Programele de achiziționare de active</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">Cea mai recentă conferință de presă privind politica monetară</div> <div class="image-date">17 octombrie 2024</div></a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.ro.html">Introducere</a><a href="#" class="subpages" title="toggle subpages for Introducere"></a><ul><li 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title="toggle subpages for Operațiuni de piață internaționale"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.ro.html">Linii de furnizare de lichiditate în euro pentru băncile centrale</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.ro.html">Asistența pentru acoperirea nevoii de lichiditate în situații de urgență (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.ro.html">Analiza lichidității</a></li><li class="has-subpages"><a href="/mopo/coll/html/index.ro.html">Garanții</a><a href="#" class="subpages" title="toggle subpages for Garanții"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.ro.html">Criterii de eligibilitate și evaluare</a><a href="#" class="subpages" title="toggle subpages for Criterii de eligibilitate și evaluare"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.ro.html">Active tranzacționabile</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.ro.html">Active netranzacționabile</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.ro.html">Lista activelor tranzacționabile eligible</a><a href="#" class="subpages" title="toggle subpages for Lista activelor tranzacționabile eligible"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.ro.html">Ghid de utilizare</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.ro.html">Mobilizarea garanțiilor</a><a href="#" class="subpages" title="toggle subpages for Mobilizarea garanțiilor"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.ro.html">Modelul băncilor centrale corespondente</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.ro.html">Sisteme eligibile de decontare a instrumentelor financiare</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.ro.html">Conexiuni eligibile</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.ro.html">Agenți tripartiți eligibili</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.ro.html">Reducerea riscurilor</a><a href="#" class="subpages" title="toggle subpages for Reducerea riscurilor"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.ro.html">Cadrul Eurosistemului de evaluare a creditelor</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.ro.html">Controlul riscurilor</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.ro.html">Categorii de marje de ajustare a valorii</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.ro.html">Evaluare</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.ro.html">Inițiativa privind informațiile la nivel de credit</a><a href="#" class="subpages" title="toggle subpages for Inițiativa privind informațiile la nivel de credit"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.ro.html">Modele de date</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.ro.html">Cerințe de eligibilitate</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.ro.html">Întrebări frecvente</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.ro.html">Contacte</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.ro.html">Structura economiei zonei euro</a><a href="#" class="subpages" title="toggle subpages for Structura economiei zonei euro"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.ro.html">Politica economică</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.ro.html">Politicile fiscale</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.ro.html">Schimburile comerciale internaționale</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.ro.html">Cursurile de schimb efective</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.ro.html">Structura financiară</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.ro.html">Piețele financiare</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.ro.html">Intermediarii financiari</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.ro.html">Diversitatea economică</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.ro.html">Piața forței de muncă</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.ro.html">Grupuri de contact pentru piețe</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru piețe"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.ro.html">Grupul de contact pentru piața obligațiunilor</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.ro.html">Grupul de contact pentru piața monetară</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.ro.html">Grupul de contact pentru piețele emisiunilor de instrumente de natura datoriei</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.ro.html">Grupul BCE pentru managerii de operațiuni</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.ro.html">Grupul de contact pentru schimb valutar</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.ro.html">Dialogul cu investitorii instituționali</a></li></ul></li></ul></div></li><li class="has-subpages -section" aria-expanded="false"><a href="/paym/html/index.ro.html">Plăți și stabilitate financiară</a><a href="#" class="subpages" title="toggle subpages for Plăți și stabilitate financiară"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Plăți și stabilitate financiară</div> <p>Informații despre activitatea noastră în domeniul stabilității financiare și al infrastructurii plăților</p><a href="/paym/html/index.en.html">Prezentare generală a plăților și a stabilității financiare</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Moneda euro digitală</a></li> <li><a href="/press/intro/html/index.en.html">Știri despre plăți</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Documente și linkuri destinate utilizării profesionale în cadrul TARGET</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">Cea mai recentă ediție a &bdquo;Financial Stability Review<i>”</i></div> <div class="image-date">16 mai 2024</div></a></div></div><ul><li class="clearfix"><span>Plăți</span></li><li class="has-subpages -section"><a href="/paym/target/html/index.ro.html">Servicii TARGET</a><a href="#" class="subpages" title="toggle subpages for Servicii TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.ro.html">Elemente comune</a></li><li class="has-subpages -current"><a href="/paym/target/t2/html/index.ro.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.ro.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.ro.html">Guvernanță</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.ro.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.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.ro.html">Stabilirea prețurilor</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.ro.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.ro.html">Guvernanță</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.ro.html">Date și cifre</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.ro.html">Integrare</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.ro.html">Sistemul de gestionare a colateralului din cadrul Eurosistemului (ECMS)</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.ro.html">Documente și linkuri destinate utilizării profesionale în cadrul TARGET</a><a href="#" class="subpages" title="toggle subpages for Documente și linkuri destinate utilizării profesionale în cadrul TARGET"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.ro.html">Pentru uz profesional</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.ro.html">Documente și linkuri aferente T2</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.ro.html">Documente și linkuri aferente T2S</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.ro.html">Documente și linkuri aferente TIPS</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.ro.html">Documente și linkuri aferente ECMS</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.ro.html">Integrare și inovare</a><a href="#" 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(SEPA)</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.ro.html">Plăți instant</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.ro.html">Armonizarea gestionării colateralului</a><a href="#" class="subpages" title="toggle subpages for Armonizarea gestionării colateralului"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.ro.html">Implementare</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.ro.html">Întrebări frecvente</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.ro.html">Reziliență cibernetică</a><a href="#" class="subpages" title="toggle subpages for Reziliență cibernetică"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.ro.html">Infrastructuri ale piețelor financiare</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.ro.html">Atacuri etice bazate pe informații operative privind amenințările (TIBER-EU)</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.ro.html">Monitorizare</a><a href="#" class="subpages" title="toggle subpages for Monitorizare"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.ro.html">Sisteme de plăți</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.ro.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.ro.html">Plăți electronice</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.ro.html">Sisteme de decontare a operațiunilor cu titluri de valoare și contrapartide centrale</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.ro.html">Furnizori de servicii critice</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.ro.html">Bănci corespondente și bănci custode</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.ro.html">Forumul „SecuRe Pay”</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.ro.html">Servicii de gestionare a rezervelor</a><a href="#" class="subpages" title="toggle subpages for Servicii de gestionare a rezervelor"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.ro.html">Aspecte principale</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.ro.html">Gamă de servicii</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.ro.html">Agenți profesioniști care operează cu numerar</a><a href="#" class="subpages" title="toggle subpages for Agenți profesioniști care operează cu numerar"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.ro.html">Procesarea numerarului</a><a href="#" class="subpages" title="toggle subpages for Procesarea numerarului"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.ro.html">Dispozitive de stabilire a autenticității</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.ro.html">Repunerea în circulaţie a bancnotelor</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.ro.html">Specificaţiile interfeţei comune pentru detectoare</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.ro.html">Acreditarea producătorilor de bancnote</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.ro.html">Grupuri de contact pentru plăți</a><a href="#" class="subpages" title="toggle subpages for Grupuri de contact pentru plăți"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.ro.html">Grupurile consultative privind infrastructurile de piață</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.ro.html">Comitetul privind reziliența cibernetică a operațiunilor în euro</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.ro.html">Consiliul privind plățile de mică valoare în euro</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.ro.html">Forumul european pentru inovație în materie de plăți</a></li></ul></li><li class="clearfix"><span>Stabilitate financiară</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.ro.html">Introducere în stabilitatea financiară</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.ro.html">Măsuri macroprudențiale</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.ro.html">Grupuri de contact pentru stabilitate financiară</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.ro.html">Statistici</a><a href="#" class="subpages" title="toggle subpages for Statistici"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div 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class="image-date">18 aprilie 2024</div></a></div></div><ul><li class="clearfix"><span>Accesate frecvent</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.ro.html">Cursurile de schimb ale euro</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.ro.html">Ratele dobânzilor reprezentative ale BCE</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.ro.html">Rata dobânzii pe termen scurt la operațiunile în euro (€STR)</a><a href="#" class="subpages" title="toggle subpages for Rata dobânzii pe termen scurt la operațiunile în euro (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.ro.html">Ratele dobânzilor de referință</a><a href="#" class="subpages" title="toggle subpages for Ratele dobânzilor de referință"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.ro.html">Grupul de lucru privind ratele dobânzilor fără risc la operațiunile în euro</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.ro.html">Inflație</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.ro.html">Curbele randamentelor aferente zonei euro</a></li><li class="clearfix"><span>Toate statisticile și informații contextuale</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.ro.html">Toate datele statistice principale</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.ro.html">Toate serviciile de date</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.ro.html">Raportare de date și standarde</a><a href="#" class="subpages" title="toggle subpages for Raportare de date și standarde"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.ro.html">Cadrul de guvernanță și calitate</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.ro.html">Cooperare și standarde</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.ro.html">Raportarea datelor băncilor</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.ro.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.ro.html">Întrebări și răspunsuri privind AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.ro.html">Consultări publice</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.ro.html">Dialogul cu sectorul bancar privind statisticile SEBC și raportarea integrată</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.ro.html">SDMX – modelul de schimb de date statistice</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.ro.html">INEXDA - rețeaua de date granulare</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.ro.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Tot ce trebuie să știi despre moneda noastră comună</p><a href="/euro/html/index.en.html">Prezentare generală a monedei euro</a><hr> <div class="nav-title">Linkuri rapide</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Agenți profesioniști care operează cu numerar</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistici privind bancnotele și monedele</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Cursurile de schimb ale euro</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">Primul raport privind progresele înregistrate în etapa pregătitoare a unei monede euro digitale</div> <div class="image-date">24 iunie 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.ro.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.ro.html">Caracteristici</a><a href="#" class="subpages" title="toggle subpages for Caracteristici"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.ro.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.ro.html">Cum funcționează?</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.ro.html">De ce este necesară?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.ro.html">Calendar și progrese înregistrate</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.ro.html">Informații detaliate</a><a href="#" class="subpages" title="toggle subpages for Informații detaliate"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.ro.html">Guvernanță și interacțiuni cu părțile interesate</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.ro.html">Documente tehnice și studii</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.ro.html">Cadrul 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href="/euro/banknotes/html/index.ro.html">Bancnote</a><a href="#" class="subpages" title="toggle subpages for Bancnote"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.ro.html">Bancnotele viitoare</a><a href="#" class="subpages" title="toggle subpages for Bancnotele viitoare"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.ro.html">Procesul de reproiectare</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.ro.html">Bancnotele actuale</a><a href="#" class="subpages" title="toggle subpages for Bancnotele actuale"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.ro.html">Cupiuri</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.ro.html">Elemente grafice</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.ro.html">Elemente de siguranță</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.ro.html">Combaterea contrafacerii</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.ro.html">Producerea și stocurile de bancnote</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.ro.html">Bancnote deteriorate și pătate cu cerneală</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.ro.html">Mediu, sănătate și securitate</a><a href="#" class="subpages" title="toggle subpages for Mediu, sănătate și securitate"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.ro.html">Amprenta de mediu a produselor</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.ro.html">Cercetare-dezvoltare</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.ro.html">Imagini și norme privind reproducerea bancnotelor</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.ro.html">Materiale informative și destinate formării</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.ro.html">Monede</a><a href="#" class="subpages" title="toggle subpages for Monede"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.ro.html">2 EUR</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.ro.html">1 EUR</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.ro.html">50 de cenți</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.ro.html">20 de cenți</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.ro.html">10 cenți</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.ro.html">5 cenți</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.ro.html">2 cenți</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.ro.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.ro.html">Fețe comune</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.ro.html">Monede comemorative de 2 EUR</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.ro.html">Elemente de siguranță</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.ro.html">Monede de colecție</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.ro.html">Aderarea la zona euro</a><a href="#" class="subpages" title="toggle subpages for Aderarea la zona euro"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.ro.html">Croația (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.ro.html">Lituania (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.ro.html">Letonia (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.ro.html">Estonia (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.ro.html">Slovacia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.ro.html">Cipru (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.ro.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.ro.html">Slovenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.ro.html">Procesul iniţial de introducere a monedei euro (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.ro.html">Preschimbarea monedei naționale</a><a href="#" class="subpages" title="toggle subpages for Preschimbarea monedei naționale"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.ro.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.ro.html">Belgia</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.ro.html">Croația</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.ro.html">Cipru</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.ro.html">Estonia</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.ro.html">Finlanda</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.ro.html">Franţa</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.ro.html">Germania</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.ro.html">Grecia</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.ro.html">Irlanda</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.ro.html">Italia</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.ro.html">Letonia</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.ro.html">Lituania</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.ro.html">Luxemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.ro.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.ro.html">Ţările de Jos</a></li><li 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class="addsearch-legends-categories"><span id="adcat_home">Pagina inițială</span> <span id="adcat_press">Media</span> <span id="adcat_explainers">Materiale explicative</span> <span id="adcat_pub">Studii și publicații</span> <span id="adcat_stats">Statistici</span> <span id="adcat_mopo">Politică monetară</span> <span id="adcat_euro">Euro</span> <span id="adcat_paym">Plăți și piețe</span> <span id="adcat_career">Cariere</span></div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"><span>Sugestii</span><div id="suggestions-container"> </div> </div> <div id="result-sortBy"><span>Sortează în funcție de</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="">Relevanță</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="">Dată</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 + '//' + 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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">Nu este disponibil în limba română</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="engleză">T2S</a> and <a href="/paym/target/tips/html/index.en.html" data-label="engleză">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="engleză">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="engleză">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="engleză">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. 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