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Sveriges Riksbank one step closer to joining all ECB TARGET Services

18 June 2024

In a statement on 18 June 2024 Sveriges Riksbank reaffirmed its decision to work towards joining the Eurosystem’s real-time gross settlement system (T2) and its securities settlement platform (TARGET2-Securities (T2S)). The Eurosystem welcomes the announcement and looks forward to closer cooperation with the Riksbank. This step follows the successful migration of the Swedish krona to the TARGET Instant Payment Settlement (TIPS) service in February 2024.

The ECB, on behalf of the Eurosystem, and Sveriges Riksbank will continue their close collaboration with the aim of completing a feasibility assessment and finalising the contractual agreement between the two institutions.

The inclusion of another EU currency in T2 and T2S strengthens the multicurrency dimension of the TARGET Services and supports deeper financial integration and harmonisation in the EU. It also assists with the ambitions of greater strategic autonomy for the EU and a stronger international role for the euro.