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Cilj rada jeste opisati evoluciju europskog platnog sustava s posebnim naglaskom na SEPA I TARGET sistem. Također će se obrađivati PSD2 Direktiva te konkurentnost nebankovnih financijskih institucija u segmentu platnih transakcija. U prvom dijelu rada obradio područje urosustava, njegove glavne zadaće, izvršenje zadaća eurosustava, uloga Europske središnje banke, nadležnosti Europske središnje banke i njen sastav. Europska središnja banka je bitna jer upravlja eurom, te provod gospodarsku i monetarnu politiku Europske unije. U drugom dijelu rada obrađen je program SEPA, projekt koji označava jedinstveno područje za plaćanje u eurima. U nastavku rada obrađen sistem TARGET2. TARGET2 je sustav bruto namire u stvarnom vremenku s kojom upravlja i koja je u vlasništvu Eurosustava. Obradi sam i temu inicijative PSD2 Direktive, što ona donosi klijentima, konkurenciju banaka. Na kraju rada obrađena je tema prilagodbe hrvatskog platnog sustava za ulazak u eurozonu. Postavljalo se pitanje je li Hrvatska spremna na takav izazov, koje su koristi, a koji troškovi uvođenja eura. Usporedilo smo stanje u Hrvatskoj sada i zemalja koje su prije Hrvatske ušle u eurozonu, odnosno u kakvom su gospodarskom stanju prešli na euro. The aim of this work is to describe the evolution of the European payment system with special emphasis on the SEPA and TARGET system. The PSD2 Directive and the competitiveness of non-bank financial institutions in the payment transactions segment will also be addressed. In the first part of the paper, he dealt with the area of the urosystem, its main tasks, the execution of the tasks of the Eurosystem, the role of the European Central Bank, the competences of the European Central Bank and its composition. The European Central Bank is important because it manages the euro and implements the economic and monetary policy of the European Union. The second part of the paper deals with the SEPA program, a project that marks a single area for payment in euros. TARGET2 is a real-time gross settlement system operated and owned by the Eurosystem. Work deals with the topic of the initiative of the PSD2 Directive, which it brings to clients, the competition of banks. At the end of the paper, the topic of adjusting the Croatian payment system for entering the euro area was discussed. The question was whether Croatia was ready for such a challenge, what were the benefits and what were the costs of introducing the euro. The main benefits of the work, beside the introduction in the new payment system process, is to compare the functionalities and effects of new payment system with other countries joined to Euro zone.

Febrero et al. (2018) criticise the balance-of-payments (BoP) view of the European Economic and Monetary Union (EMU) crisis. I have no major objections to most of the single aspects of the crisis pointed out by these authors, except that they appear to underline specific sides of the EMU crisis, while missing a unifying and realistic explanation. Specific semi-automatic mechanisms differentiate a BoP crisis in a currency union from a traditional one. Unfortunately, these mechanisms give Febrero et al. the illusion that a BoP crisis in a currency union is impossible. My conclusion is that an interpretation of the eurozone's troubles as a BoP crisis provides a more consistent framework. The debate has some relevance for the policy prescriptions to solve the eurocrisis. Given the costs that all sides would incur if the currency union were to break up, austerity policies are still seen by European politicians as a tolerable price to pay to keep foreign imbalances at bay – with the sweetener of some European Central Bank (ECB) support, for as long as Berlin allows the ECB to provide it.

TARGET2 predstavlja drugu generaciju platnog sustava TARGET koji namiruje velika plaćanja u eurima u primarnom novcu jedinstvenom zajedničkom platformom Eurosustava kojom središnji depozitoriji vrijednosnih papira i nacionalnih središnjih banaka pružaju osnovne i neutralne prekogranične usluge namire u primarnom novcu. Problem istraživanja bio je primjena i funkcionalnost T2 sustava u platnom prometu u Hrvatskoj, na temelju kojeg je cilj istraživanja bio analizirati učinke T2 sustava na kvalitetu usluga koje hrvatske banke pružaju svojim klijentima. Uvođenje T2 sustava ostvarilo je pozitivne učinke na kvalitetu usluga banaka na području Hrvatske, čime su postavljeni temelji razvoja platnih usluga u Hrvatskoj u skladu s europskim standardima. TARGET2 is the second generation of TARGET payment system that makes large payments in Euros in primary money through a single common platform of the Eurosystem, where central securities depositories and national central banks provide basic and neutral cross-border settlement services in primary money. The research problem was the application and functionality of the T2 payment system in Croatia, and, based on that, the purpose of the research was to analyze the effects of the T2 system on the quality of services that Croatian banks provided to their clients. The implementation of the T2 system has had positive effects on the quality of banking services in Croatia, and that was the base of developing payment services in Croatia in line with European standards.

The Eurosystem’s TARGET2 payments system has featured heavily in academic and popular discussions in recent years. Much of this commentary had described the system as being responsible for a “secret bailout” of Europe’s periphery which has led to huge credit risks for the Bundesbank should the euro break up. This paper discusses the TARGET2 system, focusing in particular on how it impacts the balance sheets of the central banks that participate in the system. It concludes that the TARGET2 is largely innocent of the charges that have been levelled against it. Arguments that TARGET2 facilitated a bailout of the periphery or that the system is playing a key role in facilitating peripheral current account deficits turn out to be wide of the mark. Risks to Germany due to the loss of TARGET2‐related revenues for the Bundesbank after a euro break‐up turn out to relatively small because these revenues are limited and because there are potentially large gains from new seigniorage revenues in this scenario. Many criticisms involving TARGET2 turn out, on closer examination, to be criticisms of the ECB’s core principle of treating credit institutions across the euro area in an equal manner. Proposals that the ECB adopt procedures that discriminate between banks in different countries (or that restrict the operation of payments systems in certain countries) are likely to be incompatible with the continuation of the euro as a common currency. Not applicable

The Eurosystem’s TARGET2 payments system has featured heavily in academic and popular discussions in recent years. Much of this commentary had described the system as being responsible for a “secret bailout” of Europe’s periphery which has led to huge credit risks for the Bundesbank should the euro break up. This paper discusses the TARGET2 system, focusing in particular on how it impacts the balance sheets of the central banks that participate in the system. It concludes that the TARGET2 is largely innocent of the charges that have been levelled against it. Arguments that TARGET2 facilitated a bailout of the periphery or that the system is playing a key role in facilitating peripheral current account deficits turn out to be wide of the mark. Risks to Germany due to the loss of TARGET2?related revenues for the Bundesbank after a euro break?up turn out to relatively small because these revenues are limited and because there are potentially large gains from new seigniorage revenues in this scenario. Many criticisms involving TARGET2 turn out, on closer examination, to be criticisms of the ECB’s core principle of treating credit institutions across the euro area in an equal manner. Proposals that the ECB adopt procedures that discriminate between banks in different countries (or that restrict the operation of payments systems in certain countries) are likely to be incompatible with the continuation of the euro as a common currency.