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This paper is adapted from a transcript of a one-hour lecture presented to a group of legal counselors from the central banks of selected emerging and transition countries. The counselors were participating in a joint IMF Legal Department and IMF Institute “Seminar on Current Issues in Monetary and Financial Law” (held in Washington, D.C., May 9-19, 2000). The text will be published in Current Developments in Monetary and Financial Law, Volume 2 (IMF, forthcoming). The author thanks Charles Kramer and Todd Smith for useful comments on an earlier draft.
TARGET stands for the Trans-European Automated Real-time Gross settlement Express Transfer System— the real-time gross settlement system for the Euro.
Group of Ten (2001).
Ibid, p. 180.
Ibid, p. 188.
See Prati and Schinasi (1999) for a fuller discussion of these views and references to original sources.