Today the Governing Council of the European Central Bank (ECB) has concluded that it is feasible to implement TARGET2-Securities and has therefore decided to go ahead with the next phase of the project, namely the definition of user requirements on the basis of market contributions. The scope of the project will be determined by taking into account the results of a public consultation. The Governing Council will then decide on the subsequent development phase. This decision is expected by early 2008.

On 7 July 2006 the Governing Council announced that it would evaluate opportunities to provide settlement services for securities transactions. To this end, it invited the Payments and Settlement Systems Committee (PSSC) to prepare a blueprint and a detailed feasibility study on the project by end-February 2007.