With T2S, the concept of cross-border settlements in Europe will disappear; instead, there will just be a domestic securities settlement for Europe. The Governing Council decided to maintain the current governance structure arrangements for the forthcoming specification phase which is scheduled to be completed by the end of 2009.
See Lucia Foster, John Haltiwaner and C. J. Krizan (2001) “Aggregate Productivity Growth: Lessons from Microeconomic Evidence” in New Developments in Productivity Analysis, Charles Hulten, Ediwn Dean and Michael Harper, eds. (Cambridge, Mass: National Bureau of Economic Research, March). 11.