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101-502: TARGET2 is also an interbank RTGS payment system for the clearing of cross-border transfers in the eurozone. Participants in the system are either direct or indirect. Direct participants hold an RTGS account and have access to real-time information and control tools. They are responsible for all payments sent from or received on their accounts by themselves or any indirect participants operating through them. Indirect participation means that payment orders are always sent to and received from

202-456: A continuous basis in central bank money with immediate finality. There is no upper or lower limit on the value of payments. TARGET2 mainly settles operations of monetary policy and money market operations. TARGET2 has to be used for all payments involving the Eurosystem, as well as for the settlement of operations of all large-value net settlement systems and securities settlement systems handling

303-611: A contraction of 'God be with ye'. In Old English, the day was called Long Friday ( langa frigedæg [ˈlɑŋɡɑ ˈfriːjedæj] ), and equivalents of this term are still used in Scandinavian languages and Finnish. According to the accounts in the Gospels, the royal soldiers, guided by Jesus' disciple Judas Iscariot , arrested Jesus in the Garden of Gethsemane . Judas received money ( 30 pieces of silver ) for betraying Jesus and told

404-436: A global scale, but there are still many country-specific and product-specific systems. Examples of payment systems that have become globally available are credit card and automated teller machine (ATM) networks. Additionally, forms exist to transfer funds between financial institutions. Domestically this is accomplished by using Automated clearing house (ACH) and real-time gross settlement (RTGS) systems. Internationally this

505-459: A member of the Sanhedrin and a secret follower of Jesus, who had not consented to his condemnation, went to Pilate to request the body of Jesus. Another secret follower of Jesus and member of the Sanhedrin named Nicodemus brought about a hundred-pound weight mixture of spices and helped wrap the body of Jesus. Pilate asked confirmation from the centurion of whether Jesus was dead. A soldier pierced

606-461: A national economy. Such failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money. The technical efficiency of the payment system is important for the development of the economy. An automated clearing house (ACH) system processes transactions in batches, storing, and transmitting them in groups. An ACH

707-640: A regularly performed settlement procedure in which ownership shares in a common Fed clearing portfolio are reallocated among the various district Feds comprising the US Federal Reserve System. They advocate the establishment of a similar system in Europe to end the ECB's role as a provider of international public credit that undercuts private market conditions. Hans-Werner Sinn addressed the TARGET balances issue again in

808-591: A riot. The sentence written was "Jesus of Nazareth, King of the Jews." Jesus carried his cross to the site of execution (assisted by Simon of Cyrene ), called the "place of the Skull", or " Golgotha " in Hebrew and in Latin "Calvary". There he was crucified along with two criminals. Jesus agonized on the cross for three hours, from noon to 3 pm, darkness fell over the whole land . In

909-563: A sentence of death . Peter, waiting in the courtyard, also denied Jesus three times to bystanders while the interrogations were proceeding just as Jesus had foretold. In the morning, the whole assembly brought Jesus to the Roman governor Pontius Pilate under charges of subverting the nation, opposing taxes to Caesar, and making himself a king. Pilate authorized the Jewish leaders to judge Jesus according to their own law and execute sentencing; however,

1010-544: A special edition of ifo Schnelldienst and made it the main topic of his book Die Target-Falle ("The Target Trap"), published in early October 2012. A number of economists took a stand on the issue of the TARGET balances in a publication of the Ifo Institute, confirming Sinn's analysis. Financial commentator David Marsh , writing in early 2012, noted that TARGET2 provides "automatic central bank funding for EMU countries suffering capital outflows provided through it" and that

1111-713: A special exemption is granted for rare solemn or grave occasions by the Vatican or the local bishop . The only sacraments celebrated during this time are Baptism (for those in danger of death), Penance , and Anointing of the Sick . While there is no celebration of the Eucharist, it is distributed to the faithful only in the Celebration of the Passion of the Lord , but can also be taken at any hour to

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1212-452: A stock market on the continent, also experienced some outages, per the report. Starting during the 2007–2008 financial crisis and the European debt crisis , the main subjects of criticism were the unlimited financial balances made available since the establishment of the TARGET system by the national central banks of the Eurosystem on the one hand and by the ECB on the other. The issue of

1313-680: A troparion is read, similar to hthe ones read at the Sixth Hour throughout Lent, focusing on the purpose of Christ's burial. A series of prokimena and readings are then said: At the end of the service, a final hymn is sung as the faithful come to venerate the Epitaphios. In Latin, the name used by the Catholic Church until 1955 was Feria sexta in Parasceve ("Friday of Preparation [for the Sabbath]"). In

1414-569: Is Ode 9, which takes the form of a dialogue between Christ and the Theotokos, with Christ promising His Mother the hope of the Resurrection. This Canon will be sung again the following night at the Midnight Office. Lauds follows, and its stichera take the form of a funeral lament, while always preserving the hope of the Resurrection. The doxasticon links Christ's rest in the tomb with His rest on

1515-632: Is a RTGS system that covers the European Union member states which use the euro . It is part of the Eurosystem , which comprises the European Central Bank and the national central banks of those countries that have adopted the euro. TARGET2 is used for the settlement of central bank operations, large-value Euro interbank transfers as well as other euro payments. TARGET 2 provides real-time financial transfers, debt settlement at central banks which

1616-505: Is accomplished by correspondent banking (possibly using the SWIFT network) or a more centralised system like the CLS settlement system . An efficient national payment system reduces the cost of exchanging goods, services, and assets. It is indispensable to the functioning of the interbank, money, and capital markets. A weak payment system may severely drag on the stability and developmental capacity of

1717-557: Is an operational network which links bank accounts and provides for monetary exchange using bank deposits . Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of credit . With

1818-496: Is considered a net settlement system, which means settlement may be delayed. This poses what is known as settlement risk . Real-time gross settlement systems (RTGS) are funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real-time" and on "gross" basis. Settlement in "real time" means that payment transaction does not require any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means

1919-730: Is formally known as The Order of Holy and Saving Passion of our Lord Jesus Christ , begins on Thursday night with the Matins of the Twelve Passion Gospels . Scattered throughout this Matins service are twelve readings from all four of the Gospels which recount the events of the Passion from the Last Supper through the Crucifixion and burial of Jesus. Some churches have a candelabrum with twelve candles on it, and after each Gospel reading one of

2020-427: Is higher volumes of payments—in terms of both currency value and number of transactions. This is also leading to a consequent shift downwards in the average value of these payments. The ways these payments are made can be cumbersome, error prone, and expensive. Payments systems set up decades ago continue to be used sometimes retrofitted , sometimes force-fitted—to meet the needs of modern corporations. And, frequently,

2121-511: Is immediate and irreversible. For users of these systems, on both the paying and receiving sides, it can be difficult and time-consuming to learn how to use cross-border payments tools, and how to set up processes to make optimal use of them. Solution providers (both banks and non-banks) also face challenges cobbling together old systems to meet new demands. For these providers, cross-border payments are both lucrative (especially given foreign exchange conversion revenue) and rewarding, in terms of

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2222-556: Is mandatory for the settlement of any euro operations involving the Eurosystem . The Eurosystem consists of the European Central Bank (ECB) and the national central banks of the 20 European Union member states that are part of the Eurozone. Participation in TARGET2 is mandatory for new member states joining the Eurozone. TARGET2 services in euro are available to non-Eurozone states. National central banks of states which have not yet adopted

2323-815: Is observed during Holy Week as part of the Paschal Triduum . It is also known as Black Friday , Holy Friday , Great Friday , Good Friday of the Passion of the Lord , Great and Holy Friday (also Holy and Great Friday ). Members of many Christian denominations , including the Catholic , Eastern Orthodox , Lutheran , Anglican , Methodist , Oriental Orthodox , United Protestant and some Reformed traditions (including certain Continental Reformed , Presbyterian and Congregationalist churches), observe Good Friday with fasting and church services . In many Catholic, Lutheran, Anglican and Methodist churches,

2424-587: Is recalled on this day, the Divine Liturgy (the sacrifice of bread and wine) is never celebrated on Great Friday, except when this day coincides with the Great Feast of the Annunciation , which falls on the fixed date of 25 March (for those churches which follow the traditional Julian Calendar , 25 March currently falls on 7 April of the modern Gregorian Calendar ). Also on Great Friday, the clergy no longer wear

2525-663: Is somewhat more festive in character, and derives its name of "Royal" from both the fact that the Hours are served with more solemnity than normal, commemorating Christ the King who humbled himself for the salvation of mankind, and also from the fact that this service was in the past attended by the Emperor and his court. In the afternoon, around 3 pm, all gather for the Vespers of the Taking-Down from

2626-563: The First Hour , as usual, but with a special dismissal by the priest: May Christ our true God, Who for the salvation of the world endured spitting, and scourging, and buffeting, and the Cross, and death, through the intercessions of His most pure Mother , of our holy and God-bearing fathers , and of all the saints , have mercy on us and save us, for He is good and the Lover of mankind. The next day, in

2727-602: The Gospels , and singing hymns about Christ's death. Rich visual imagery and symbolism, as well as stirring hymnody, are remarkable elements of these observances. In the Orthodox understanding, the events of Holy Week are not simply an annual commemoration of past events, but the faithful actually participate in the death and the resurrection of Jesus . Great and Holy Friday is observed as an absolute fast , and adult Byzantine Christians are expected to abstain from all food and drink

2828-578: The Latin Church , a fast day is understood as having only one full meal and two collations (a smaller repast, the two of which together do not equal the one full meal) – although this may be observed less stringently on Holy Saturday than on Good Friday. The Roman Rite has no celebration of Mass between the Mass of the Lord's Supper on Holy Thursday (Maundy Thursday) evening and the Easter Vigil unless

2929-769: The Service of the Great Three Hours' Agony is held from noon until 3   p.m.—the hours the Bible records darkness covering the land until Jesus' death on the cross. Communicants of the Moravian Church have a Good Friday tradition of cleaning gravestones in Moravian cemeteries . The date of Good Friday varies from one year to the next in both the Gregorian and Julian calendars. Eastern and Western Christianity disagree over

3030-461: The US Fed and the ECB in analysing the balances. Lubik and Rhodes argued that: "TARGET2 merely reflects persistent imbalances in current accounts and capital accounts. It does not cause them ... [and does not represent] a 'stealth bailout' of the periphery nations". Sinn countered that he was misinterpreted in this point insofar as he was just "saying that the current-account deficits were sustained with

3131-567: The 1955 reform of Holy Week, it was renamed Feria sexta in Passione et Morte Domini ("Friday of the Passion and Death of the Lord"), and in the new rite introduced in 1970, shortened to Feria sexta in Passione Domini ("Friday of the Passion of the Lord"). The Catholic Church regards Good Friday and Holy Saturday as the Paschal fast, in accordance with Article 110 of Sacrosanctum Concilium . In

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3232-519: The Bundesbank downplayed the TARGET balances as an irrelevant statistical position. However, in early 2012, Bundesbank chief Jens Weidmann wrote a letter to ECB head Mario Draghi on the subject which "found its way into the columns of the conservative Frankfurter Allgemeine Zeitung newspaper. It appeared to suggest more secure collateralisation for the overall ECB credits to weaker EMU central banks, which now amount to more than €800 billion under

3333-619: The Communion part of the rite when violet was used. If a bishop or abbot celebrates, he wears a plain mitre (mitra simplex) . Before the reforms of the Holy Week liturgies in 1955, black was used throughout. The Vespers of Good Friday are only prayed by those who could not attend the Celebration of the Passion of the Lord. The Three Hours' Devotion based on the Seven Last Words from

3434-793: The Cross, commemorating the Deposition from the Cross . Following Psalm 103 (104) and the Great Litany, 'Lord, I call' is sung without a Psalter reading. The first five stichera (the first being repeated) are taken from the Aposticha at Matins the night before, but the final 3 of the 5 are sung in Tone 2. Three more stichera in Tone 6 lead to the Entrance. The Evening Prokimenon is taken from Psalm 21 (22): 'They parted My garments among them, and cast lots upon My vesture.' There are then four readings, with Prokimena before

3535-561: The ECB's TARGET2 electronic payment system," Marsh noted in a subsequent column. Jens Ulbrich and Alexander Lipponer (economists at the Bundesbank) justified the policy of the ECB during the European balance-of-payments crisis as follows: In the crisis, the Eurosystem consciously assumed a larger intermediation function in view of the massive disruptions in the interbank market by extending its liquidity control instruments. With this greater role in

3636-537: The European Central Bank which provides and maintains information on TARGET2 both for the general public as for professional users of TARGET2 Payment system A payment system is any system used to settle financial transactions through the transfer of monetary value . This includes the institutions , payment instruments such as payment cards , people, rules, procedures, standards, and technologies that make its exchange possible. A payment system

3737-480: The Eurosystem's monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 previously handled transactions for over €2.2 trillion per day. Since the establishment of the European Economic Community in 1958, there has been movement towards an integrated European financial market. This movement has been marked by several events: In the field of payments, the most visible were

3838-454: The German budget and, should the situation arise, in the necessity to recapitalise the Bundesbank through increased taxation. Sinn uses the same reasoning in his book Die Target-Falle . Sinn points out that the option of self-rescue for the crisis-affected countries by drawing TARGET credit forces Germany to approve the formal rescue facilities and eventually to accept eurobonds as well. He considers

3939-537: The Internet, or broadly to any type of electronic funds transfer . Modern payment systems use cash-substitutes as compared to traditional payment systems. This includes debit cards , credit cards, electronic funds transfers, direct credits , direct debits , internet banking and e-commerce payment systems . Payment systems may be physical or electronic and each has its own procedures and protocols. Standardization has allowed some of these systems and networks to grow to

4040-600: The Jewish leaders replied that they were not allowed by the Romans to carry out a sentence of death. Pilate questioned Jesus and told the assembly that there was no basis for sentencing. Upon learning that Jesus was from Galilee, Pilate referred the case to the ruler of Galilee , King Herod , who was in Jerusalem for the Passover Feast. Herod questioned Jesus but received no answer; Herod sent Jesus back to Pilate. Pilate told

4141-507: The Netherlands, Portugal and Spain. On 19 May 2008, the final group migrated to TARGET2, comprising Denmark, Estonia, Greece, Italy, Poland and the ECB. The six-month migration process went smoothly and did not cause any operational disruptions. Slovakia joined TARGET2 on 1 January 2009, Bulgaria joined in February 2010, Romania on 4 July 2011, and Croatia in February 2016. The use of TARGET2

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4242-551: The Resurrection are sung as on Sunday, since they refer to the conversation between the myrrh-bearers and the angel in the tomb, followed by kathismata about the burial of Christ. Psalm 50 (51) is then immediately read, and then followed by a much loved-canon, written by Mark the Monk, Bishop of Hydrous and Kosmas of the Holy City, with irmoi by Kassiani the Nun. The high-point of the much-loved Canon

4343-432: The TARGET balances represent the shift of refinancing credit to the crisis-stricken countries, representing thus the claim on the interest returns from these countries. Eliminating the TARGET balances would thus entail a real loss of resources amounting to the present value of this interest income, which is reflected exactly by the amount of TARGET claims. This loss would result in a smaller transfer of Bundesbank's revenues to

4444-500: The Virgin is pierced with a spear. We venerate Thy Passion, O Christ (three times) . Show us also Thy glorious Resurrection. The readings are: During the service, all come forward to kiss the feet of Christ on the cross. After the Canon , a brief, moving hymn, The Wise Thief is chanted by singers who stand at the foot of the cross in the center of the nave. The service does not end with

4545-407: The advent of computers and electronic communications, many alternative electronic payment systems have emerged. The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through

4646-539: The assembly that neither he nor Herod found Jesus to be guilty; Pilate resolved to have Jesus whipped and released. Under the guidance of the chief priests, the crowd asked for Barabbas , who had been imprisoned for committing murder during an insurrection. Pilate asked what they would have him do with Jesus, and they demanded, "Crucify him." Pilate's wife had seen Jesus in a dream earlier that day, and she forewarned Pilate to "have nothing to do with this righteous man." Pilate had Jesus flogged and then brought him out to

4747-415: The attendant liability risk. In the German daily Süddeutsche Zeitung he put the entire volume of the TARGET liabilities of Greece, Ireland, Portugal, and Spain at €340 billion at the end of February 2011. Moreover, he pointed out that if these countries should exit the Eurozone and declare insolvency, Germany's liability risk would amount to 33% of that sum, or €114 billion, relating these sums to

4848-503: The balances would "have to be shared out by central banks throughout the Eurosystem ... if EMU fragments into its constituent parts. So the pressure on Germany is to keep the balances growing, in order to avoid crystallization of losses that would be hugely damaging not just to Berlin but also to central banks and governments in Paris and Rome". The official reactions to Sinn's research findings were mixed. At first, in February and March 2011,

4949-429: The basis of the balance sheets of each central bank. Nevertheless, there are also some economists who contradict some points of Sinn's analysis. Paul De Grauwe and Yuemei Ji argue that Germany's and other countries' TARGET claims could be made void, without suffering any losses, since the value of the central bank money, being " fiat money ", is independent of a central bank's assets. Sinn, in his rejoinder, showed that

5050-468: The body of Jesus wrapped in a burial shroud, and is a roughly full-size cloth icon of the body of Christ. The service ends with a hope of the Resurrection: The Angel stood by the tomb, and to the women bearing spices he cried aloud: 'Myrrh is fitting for the dead, but Christ has shown Himself a stranger to corruption. Then the priest may deliver a homily and everyone comes forward to venerate

5151-434: The body, in keeping with Jewish burial customs. They rolled a large rock over the entrance of the tomb. Then they returned home and rested, because Shabbat had begun at sunset. Byzantine Christians ( Eastern Christians who follow the Rite of Constantinople : Orthodox Christians and Greek-Catholics ) call this day "Great and Holy Friday", or simply "Great Friday". Because the sacrifice of Jesus through his crucifixion

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5252-488: The borderlines of the Federal Reserve Districts do not follow national, not even state borders. Further, a rising ISA balance of the Federal Reserve District of New York would be regarded as not surprising, as New York is the financial center of the United States. Until 1975 there was no rebalancing between Federal Reserve districts, a fact which did not lead to major discussions. Finally, in late 2016, after some years of relative improvement but with rising worries over Italy,

5353-417: The calendar used by Western Christianity), 1 May, 25 December and 26 December. In October 2020, the system and TARGET2 Securities experienced an almost-11-hour outage, attributed to a "software glitch in a third-party network device" by the ECB, per a report. Much shorter service interruptions of different sorts have hit Target2 in July 2019, November 2018 and December 2017, and in October 2020 Euronext NV,

5454-409: The candles is extinguished. The first of these twelve readings is the longest Gospel reading of the liturgical year , and is a concatenation from all four Gospels . Just before the sixth Gospel reading, which recounts Jesus being nailed to the cross, a large cross is carried out of the sanctuary by the priest, accompanied by incense and candles, and is placed in the center of the nave (where

5555-410: The computation of the date of Easter and therefore of Good Friday. Good Friday is a widely instituted legal holiday around the world, including in most Western countries and 12 U.S. states . Some predominantly Christian countries , such as Germany, have laws prohibiting certain acts—public dancing, horse racing—in remembrance of the somber nature of Good Friday. The term Good Friday comes from

5656-406: The concomitant TARGET credit. They also document the Irish capital flight and the capital flight from Spain and Italy, which began in earnest in summer 2011. Following Sinn, the authors compare the TARGET balances of the Eurosystem with the corresponding balances in the US settlement system ( Interdistrict Settlement Account ) and point out that US balances relative to US GDP have decreased thanks to

5757-420: The confession of the Good Thief and St. John's account of blood and water flowing from Jesus' side. During the Gospel, the body of Christ (the soma ) is removed from the cross, and, as the words in the Gospel reading mention Joseph of Arimathea, is wrapped in a linen shroud, and taken to the altar in the sanctuary. The Aposticha reflects on the burial of Christ. Either at this point (in the Greek use) or during

5858-414: The congregation gathers) Sēmeron Kremātai Epí Xýlou : Today He who hung the earth upon the waters is hung upon the Cross (three times) . He who is King of the angels is arrayed in a crown of thorns. He who wraps the Heavens in clouds is wrapped in the purple of mockery. He who in Jordan set Adam free receives blows upon His face. The Bridegroom of the Church is transfixed with nails. The Son of

5959-508: The crowd to release him. The chief priests informed Pilate of a new charge, demanding Jesus be sentenced to death "because he claimed to be God's son." This possibility filled Pilate with fear, and he brought Jesus back inside the palace and demanded to know from where he came. Coming before the crowd one last time, Pilate declared Jesus innocent and washed his own hands in water to show he had no part in this condemnation. Nevertheless, Pilate handed Jesus over to be crucified in order to forestall

6060-672: The domestic stock of money, must be offset by a continuous issuing of new refinancing credit, i.e., the creation of new central bank money. Similarly, the increase in money balances in the country whose central bank honours the payment orders reduces the demand for fresh refinancing credit. Hence, a country's TARGET liabilities also indicate the extent to which its central bank has replaced the capital markets to finance its current account deficit, as well as any possible capital flight, by creating new central bank money through corresponding refinancing credit. Sinn illustrated that from an economic perspective, TARGET credit and formal rescue facilities serve

6161-444: The entire day to the extent that their health permits. "On this Holy day neither a meal is offered nor do we eat on this day of the crucifixion. If someone is unable or has become very old [or is] unable to fast, he may be given bread and water after sunset. In this way we come to the holy commandment of the Holy Apostles not to eat on Great Friday." (cf. Black Fast ) The Byzantine Christian observance of Holy and Great Friday, which

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6262-451: The epitaphios. In the Slavic practice, at the end of Vespers, Compline is immediately served, featuring a special Canon of the Crucifixion of our Lord and the Lamentation of the Most Holy Theotokos by Symeon the Logothete. On Friday night, the Matins of Holy and Great Saturday , a unique service known as The Lamentation at the Tomb (Epitáphios Thrēnos) is celebrated. This service is also sometimes called Jerusalem Matins . Much of

6363-422: The euro can also participate in TARGET2 to facilitate the settlement of transactions in euro. Central banks from four non-Eurozone states Bulgaria, Denmark, Poland and Romania also participate in TARGET2. In 2012, TARGET2 had 999 direct participants, 3,386 indirect participants and 13,313 correspondents. TARGET2 is the real-time gross settlement (RTGS) system with payment transactions being settled one by one on

6464-421: The euro crisis is a balance-of-payments crisis, which in its substance is similar to the Bretton Woods crisis . Moreover, they show the extent to which TARGET credit financed current account deficits or capital flight in Greece, Ireland, Portugal, Spain and Italy. They also show that the current account deficits of Greece and Portugal were financed for years by refinancing credits of their national central banks and

6565-493: The euro. TARGET2 is operated on a single technical platform. The business relationships are established between the TARGET2 users and their national central bank. In terms of the value processed, TARGET2 is one of the largest payment systems in the world. In 2012, TARGET2: There are two pricing schemes: The TARGET2 system is closed on Saturdays and Sundays and on the following public holidays in all participating countries: 1 January, Good Friday and Easter Monday (according to

6666-403: The extra refinancing credit behind the TARGET balances" and this would "not equate to claiming that current-account deficits and TARGET deficits were positively correlated". Alexander L. Wolman believes that rising Interdistrict Settlement Account (ISA) balances – the US-equivalent of rising TARGET balances, if there were no yearly rebalancing – would not be a reason for concern in the US, because

6767-402: The faithful most bow down under it as they come back into the church, symbolizing their entering into the death and resurrection of Christ. The epitaphios will lay in the tomb until the Paschal Service early Sunday morning. In some churches, the epitaphios is never left alone, but is accompanied 24 hours a day by a reader chanting from the Psalter. When the procession has returned to the church,

6868-455: The first group of countries (Austria, Cyprus, Germany, Latvia, Lithuania, Luxembourg, Malta and Slovenia) migrated to the SSP. This first migration was successful and confirmed the reliability of SSP. After this initial migration, TARGET2 already settled around 50% of overall traffic in terms of volume and 30% in terms of value. On 18 February 2008, the second migration successfully migrated to TARGET2, comprising Belgium, Finland, France, Ireland,

6969-425: The first panel database of the Eurozone's TARGET balances. The authors point out that the additional creation of money by the central banks of the crisis-stricken countries was provided by a lowering of the standards for the collateral that commercial banks have to provide to their national central banks to obtain refinancing credit. Furthermore, they showed that the commercial banks of the Eurozone's core countries used

7070-403: The forenoon on Friday, all gather again to pray the Royal Hours , a special expanded celebration of the Little Hours (including the First Hour, Third Hour , Sixth Hour , Ninth Hour and Typica ) with the addition of scripture readings ( Old Testament , Epistle and Gospel) and hymns about the Crucifixion at each of the Hours (some of the material from the previous night is repeated). This

7171-454: The functioning of the financial system under more difficult conditions. The Ifo Institute's regularly updated "Exposure level indicator" ('Haftungspegel') shows Germany's potential financial burden should the crisis-stricken euro countries exit the currency union and declare insolvency. In another development, the Institute of Empirical Economic Research at the University of Osnabrueck collects and publishes TARGET2 data from all euro countries on

7272-452: The generations". Musically they can be classified as strophic , with 75, 62, and 48 tercet stanzas each, respectively. The climax of the Enkōmia comes during the third stásis , with the antiphon "Ω γλυκύ μου ἔαρ", a lamentation of the Virgin for her dead Child ("O, my sweet spring, my sweetest child, where has your beauty gone?"). Later, during a different antiphon of that stasis ("Early in

7373-469: The gospels of Mathew and Mark, Jesus is said to have spoken from the cross , quoting the messianic Psalm 22 : "My God, my God, why have you forsaken me?" With a loud cry, Jesus gave up his spirit. There was an earthquake, tombs broke open, and the curtain in the Temple was torn from top to bottom. The centurion on guard at the site of crucifixion declared, "Truly this was God's Son!" Joseph of Arimathea ,

7474-475: The guards that whomever he kisses is the one they are to arrest. Following his arrest, Jesus was taken to the house of Annas , the father-in-law of the high priest , Caiaphas . There he was interrogated with little result and sent bound to Caiaphas the high priest where the Sanhedrin had assembled. Conflicting testimony against Jesus was brought forth by many witnesses, to which Jesus answered nothing. Finally

7575-606: The high priest adjured Jesus to respond under solemn oath, saying "I adjure you, by the Living God, to tell us, are you the Anointed One, the Son of God?" Jesus testified ambiguously, "You have said it, and in time you will see the Son of Man seated at the right hand of the Almighty, coming on the clouds of Heaven." The high priest condemned Jesus for blasphemy , and the Sanhedrin concurred with

7676-457: The incoming liquidity to reduce the refinancing credit they drew from their national central bank, even lending the surplus liquidity to this central bank, which implies that the TARGET balances indirectly also measure the reallocation of refinancing credit among the countries of the Eurozone. The authors showed that the national central banks of the northern countries became net debtors to their own banking systems. Sinn and Wollmershaeuser argue that

7777-530: The increasing TARGET balances was brought to public attention for the first time in early 2011 by Hans-Werner Sinn , president of the Munich-based Ifo Institute for Economic Research . In an article in Wirtschaftswoche , he drew attention to the enormous increase in TARGET claims held by Germany's Bundesbank, from €5 billion at the end of 2006 to €326 billion at the end of 2010, and to

7878-458: The international shifting of the refinancing credit that the national central banks of the Eurosystem grant to the commercial banks in their jurisdiction . He proved that the ECB system compensated the interruption and reversal in capital flows triggered by the 2007–2008 financial crisis by shifting refinancing credit among national central banks. The increase in TARGET liabilities is a direct measure of net payment orders across borders, i.e. of

7979-536: The launch of the euro in 1999 and the cash changeover in the euro area countries in 2002. The establishment of the large-value central bank payment system TARGET was less visible, but also of great importance. It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money market. The implementation of TARGET2 was based on a decision of the ECB Council of autumn 2002. TARGET2 started operations on 19 November 2007, when

8080-456: The level of TARGET2 intra-eurozone balances at the ECB had surpassed 2012's record levels. The claims represented half of the Germany's net foreign assets and were on track shortly to reach €1 trillion if trends continued unchecked. This article incorporates text from the corresponding German Misplaced Pages articles on TARGET and TARGET2 as of 4 April 2008. More text also from the website of

8181-455: The morning the myrrh-bearers came to Thee and sprinkled myrrh upon Thy tomb"), young girls of the parish place flowers on the Epitaphios and the priest sprinkles it with rose-water. The author(s) and date of the Enkōmia are unknown. Their High Attic linguistic style suggests a dating around the 6th century, possibly before the time of St. Romanos the Melodist . The Evlogitaria (Benedictions) of

8282-488: The other rescue facilities of euro countries and the International Monetary Fund . Before he made them public, TARGET deficits or surpluses were not the subject of major public attention even though they were disclosed by Eurosystem central banks. Shortly thereafter, Sinn interpreted the TARGET balances for the first time within the context of current account deficits, international private capital movements and

8383-428: The overall financial relationship created with the end customer. The challenges for global payments are not simply those resulting from volume increases. A number of economic, political, and technical factors are changing the types of cross-border transactions conducted. Such factors include: Good Friday Good Friday is a Christian holy day observing the crucifixion of Jesus and his death at Calvary . It

8484-466: The portion of the current account deficit that is not counterbalanced by capital imports, or, equivalently, the sum of the current account deficit and net capital exports. Indirectly, they also measure a country's amount of central bank money created and lent out beyond what is needed for domestic circulation. Since every country needs a relatively steady amount of central bank money for its domestic transactions, payment orders to other countries, which reduce

8585-409: The provision of central bank money – essentially by changing to a full allotment procedure in refinancing operations and the extension of longer-term refinancing operations – the total volume of refinancing credits provided has increased (temporarily even markedly). At the same time, the quality requirements for the underlying collateral were reduced in the crisis. The higher risk was accepted to maintain

8686-506: The purple or red that is customary throughout Great Lent , but instead don black vestments . There is no "stripping of the altar" on Holy and Great Thursday as in the West; instead, all of the church hangings are changed to black, and will remain so until the Divine Liturgy on Great Saturday . The faithful revisit the events of the day through the public reading of specific Psalms and

8787-533: The resulting path dependence in policy-making a "trap". Analysis of TARGET2 balances countering the Ifo conclusions have been advanced by economist Karl Whelan at University College Dublin . In summer 2012, Thomas A. Lubik, a senior economist and research advisor, and Karl Rhodes, a writer, both at the Federal Reserve Bank of Richmond (Virginia, US), cited Whelan's work and also drew parallels and distinctions between

8888-658: The same purpose and involve similar liability risks. Sinn's presentation on 19 May 2011 at the Munich Economic Summit motivated an op-ed column in the Financial Times . They reconstructed the data on the basis of the balance sheets of the Eurosystem's national central banks and the balance-sheet statistics of the International Monetary Fund. Later, in June 2011, Hans-Werner Sinn and Timo Wollmershaeuser compiled

8989-431: The second and fourth: An Alleluia is then sung, with verses from Psalm 68 (69): 'Save Me, O God: for the waters are come in, even unto my soul.' The Gospel reading is a composite taken from three of the four the Gospels (Matthew 27:1-38; Luke 23:39-43; Matthew 27:39-54; John 19:31-37; Matthew 27:55-61), essentially the story of the crucifixion as it appears according to St. Matthew, interspersed with St. Luke's account of

9090-517: The sense 'pious, holy' of the word good . Less common examples of expressions based on this obsolete sense of good include 'the good book" for the Bible, 'good tide' for Christmas or Shrovetide , and Good Wednesday for the Wednesday in Holy Week. A common folk etymology incorrectly analyzes Good Friday as a corruption of God Friday , similar to the linguistically correct description of goodbye as

9191-565: The service takes place around the tomb of Christ in the center of the nave. A unique feature of the service is the chanting of the Lamentations or Praises ( Enkōmia ), which consist of verses chanted by the clergy interspersed between the verses of Psalm 119 (which is, by far, the longest psalm in the Bible). The Enkōmia are the best-loved hymns of Byzantine hymnography, both their poetry and their music being uniquely suited to each other and to

9292-508: The seventh day of creation, and the theotokion ("Most blessed art thou, O Virgin Theotokos...) is the same as is used on Sundays. At the end of the Great Doxology , while the Trisagion is sung, the epitaphios is taken in procession around the outside the church, and is then returned to the tomb. Some churches observe the practice of holding the epitaphios at the door, above waist level, so

9393-409: The sick who are unable to attend this celebration. The Celebration of the Passion of the Lord takes place in the afternoon, ideally at three o'clock; however, for pastoral reasons (especially in countries where Good Friday is not a public holiday), it is permissible to celebrate the liturgy earlier, even shortly after midday, or at a later hour. The celebration consists of three parts: the liturgy of

9494-406: The side of Jesus with a lance causing blood and water to flow out, and the centurion informed Pilate that Jesus was dead. Joseph of Arimathea took Jesus' body, wrapped it in a clean linen shroud, and placed it in his own new tomb that had been carved in the rock in a garden near the site of the crucifixion. Nicodemus also brought 75 pounds of myrrh and aloes , and placed them in the linen with

9595-510: The spirit of the day. They consist of 185 tercet antiphons arranged in three parts ( stáseis or "stops"), which are interjected with the verses of Psalm 119, and nine short doxastiká (" Gloriae ") and Theotókia (invocations to the Virgin Mary). The three stáseis are each set to its own music, and are commonly known by their initial antiphons: Ἡ ζωὴ ἐν τάφῳ , "Life in a grave", Ἄξιον ἐστί , "Worthy it is", and Αἱ γενεαὶ πᾶσαι , "All

9696-491: The system via a direct participant, with only the relevant direct participant having a legal relationship with the Eurosystem. Finally, bank branches and subsidiaries can choose to participate in TARGET2 as multi-addressee access or addressable BICs . The Eurosystem in March 2023 switched its real-time gross settlement from TARGET2 to T2 , which follows ISO 20022 . The switch involves transactions for settling payments related to

9797-616: The systems creak and groan as they bear the strain. Examples of such systems include STEP2 (an upgrade from 2003), which processes only Euros, and TARGET2 (an upgrade from 2007), which is closed on Saturdays and Sundays and some public holidays. As of 2014, STEP2 is the only Pan-European automated clearing house (or PE-ACH system) in operation. This type of system is thought to become less relevant as banks will settle their transactions via multiple clearing houses rather than using one central clearing house. TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System)

9898-405: The transaction from debit of ordering customer's account to credit of beneficiary customer's account within a timeframe of 10–15 seconds. Globalization is driving corporations to transact more frequently across borders. Consumers are also transacting more on a global basis—buying from foreign eCommerce sites as well as traveling, living, and working abroad. For the payments industry , the result

9999-452: The transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable. Comparatively, ACHs are typically used for low-value, non-urgent transactions while RTGS systems are typically used for high-value, urgent transactions. Countries and regions have also implemented real-time or instant (or faster) payment systems which typically operate 24x7x365 and perform

10100-592: The troparion following (in the Slav use): Noble Joseph, taking down Thy most pure body from the Tree, wrapped it in pure linen and spices, and he laid it in a new tomb. an epitaphios or "winding sheet" (a cloth embroidered with the image of Christ prepared for burial) is carried in procession to a low table in the nave which represents the Tomb of Christ; it is often decorated with an abundance of flowers. The epitaphios itself represents

10201-545: The word, the adoration of the cross, and the Holy communion. The altar is bare, without cross, candlesticks and altar cloths . It is also customary to empty the holy water fonts in preparation of the blessing of the water at the Easter Vigil. Traditionally, no bells are rung on Good Friday or Holy Saturday until the Easter Vigil. The liturgical colour of the vestments used is red. Before 1970, vestments were black except for

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