The T2S User Requirements are a result of intensive cooperation by hundreds of experts from market participants, service providers and central bankers. By July 2008, we had received support of all euro area central securities depositories to the continuation of the project, subject to certain conditions. Consequently, on 17 July the Governing Council of the ECB formally approved the T2S project.
That’s why a sharp fiscal adjustment would have been needed anyway – even if the Anglo and Nationwide had not lost quite so much money. Chart 6  6  BIS Review 143/2010  There is a further link between bank accounting and government accounting which, I believe, deserves more attention as policymakers in Europe continue to develop new governance arrangements around the SGP.