The already prepared legal and organizational framework of the euro introduction makes some worthwhile foundations for the successful conduct of the single monetary policy. The most important elements of this aspect of the EMU are the arrangements concerning real time gross settlement systems (RTGS) and market conventions. In a sense, these two elements dovetail thus contributing to an increase in the effectiveness and efficiency of monetary policy measures applied by the ECB. Most prominently, they speed up and reduce the cost of the ECB open market operations.

The core of the real time gross settlement system within the EMU area is a system called TARGET. This system is complemented by various arrangements and agreements are to assure liquidity and settlement finality in the EMU monetary and financial system. It is expected that together, they will contribute to the safe and effective operation of the ECB monetary policy.

The most pronounced feature of TARGET is its decentralization. This implies that the system operates on the basis of the already existing national RTGS. Thus, within this area the ECB role is confined to providing for links among various RTGS of EMU member states. Despite this rather passive position of the ECB, the mere introduction of TARGET brought about significant uniformity of procedures and standards used in different national RTGS.

Similar thrive towards uniformity of rules and conventions can already be observed in securities markets of the EMU area. This process is a result of upward pressures arising from associations of main financial and monetary market operators. This applies also to the selection of basic market reference rates applicable to financial instruments denominated in the euro. In this realm we deal with competition of different rates sponsored by different financial centers. Most notably, two rates - EURIBOR (sponsored by the European Banking Federation) and EuroLIBOR (used in London) are the two most important rivals.

Poland faces a challenge of a transformation of its real time gross settlement systems (RTGS) in order to make at least one of them compatible with TARGET. This includes the requirement of understandability of the standards and procedures as well as the ability to work in real time. Another very important element of the transformation is that the Polish RTGS must guarantee an intra-day liquidity. This can be achieved by the granting to the system participants access to their minimum reserves, extending central bank overdraft to them, or entering with these entities into repurchase agreements. It should, however, be kept in mind that in each case involving credit, this credit should be collateralized.

The access to the Polish RTGS must be regulated by clear and non-discriminating rules. This means that all financial institutions which fulfil technical and security requirements must be given the access to it. In the area where the National Bank of Poland is a participant of transaction, the Polish RTGS must be connected with a system adequately documenting trade in securities. This connection shall be designed in a way which assures settlement finality - understood as a requirement of closing all the transactions within one day.