The European Central Bank (ECB) has published for public consultation TARGET2-Securities (T2S) user requirements and the methodology for the assessment of the economic impact of T2S. These requirements were drawn up by those central securities depositories, banks and central banks which comprise the T2S Advisory Group with the ECB providing co-ordination and drafting the results.
The user requirements consist of a management summary, 21 chapters describing the features of T2S and 17 annexes explaining specific T2S concepts and functionalities. The methodology for the economic impact assessment describes the approach that the Eurosystem intends to adopt in order to calculate the costs, benefits and macroeconomic impact of T2S.
The consultation period ends on 2 April 2008. In May 2008 the T2S Advisory Group will assess the comments received during the public consultation, with a proposal for the final T2S user requirements being submitted to the Governing Council shortly thereafter. At that stage, the Governing Council will decide on whether or not to move to the next phase of the T2S project. The Governing Council is the main decision-making body of the ECB. It consists of the six members of the Executive Board, plus the governors of the national central banks from the 13 Euro area countries.