Payment systems in the financial markets: real-time gross settlement systems and the provision of intraday liquidity.

The payment system is one of the mechanisms essential to the working of an exchange economy.

Over the last decade, central banks have been determined to improve their payment systems to harmonise and reduce risk, and in Europe to anticipate their future interconnection in the TARGET system.

This book provides the analytic framework for an informed policy debate on the implications for monetary policy.