ECB To Overhaul Payment System After Crashes Last Year

ECB To Overhaul Payment System After Crashes Last Year

The European Central Bank will overhaul its payment system as recommended in an independent review published on Wednesday to address deficiencies in its design and governance that led to a string of crashes last year.The Target system handles payments worth nearly 2 trillion euros ($2.36 billion) per day and is run by the ECB with the help of the central banks of Germany, France, Italy and Spain.

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