CONVERTING TO THE EURO (PART 1)
When the European Union decided to introduce the euro, the European Central Bank had to develop a new computer system (called Target) to provide a currency settlement system for use by investment banks and brokerages. Prior to the introduction of the euro, settlement was performed between the central banks of the countries involved. After the introduction, the Target system, which consists of 15 national banking systems, would settle trades and perform currency conversions for cross-border payments for stocks and bonds.
QUESTION:
Implementing Target was a major undertaking for a number of reasons. If you were an analyst on the project, what kinds of issues would you have to address to make sure the conversion happened successfully?