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components are shared across the TARGET Services. This page offers a single point of access to information about the TARGET Services Common components and other shared features. </p> <a href="/paym/target/target-professional-use-documents-links/coco/html/index.et.html" data-label="inglise keel">Shared documentation</a> </div> <div class="accordion"> <div class="header"> <div class="title">T2S change requests</div> </div> <div class="content-box"> <ul class="-link-icons"> <li><a href="/paym/target/t2s/governance/html/changerequests.en.html" data-label="inglise keel">List of change requests</a></li> </ul> </div> <div class="header"> <div class="title">Technical/functional documents</div> </div> <div class="content-box"> <div class="definition-list"> <dl> <dt>22 February 2024</dt> <dd> <p><a href="/paym/target/target-professional-use-documents-links/t2s/sdd/html/index.et.html" data-label="inglise keel" class="title">T2S Scope Defining Documents</a></p> </dd> <dt>21 Feb 2023</dt> <dd> <p><a href="/paym/target/consolidation/profuse/shared/pdf/TARGET_Connectivity_Guide.en.pdf" data-label="inglise keel" class="title">TARGET Common Connectivity Guide v2.1</a></p> </dd> <dt>3 Dec 2021</dt> <dd> <p></p><ul> <li><a href="/paym/target/t2s/profuse/shared/pdf/T2S_ESMIG_-_Information_to_DiCoAs_T2S.pdf" class="title">T2S Community readiness to ESMIG - Information to DiCoAs in T2S</a> </li> <li><a href="/paym/target/t2s/profuse/shared/pdf/ESMIG_U2A_Qualified_Configurations_v1_3_3.pdf" class="title">ESMIG U2A Qualified Configurations v1.3.3 (for GSD MU v2.0 users)</a> </li> <li><a href="/paym/target/t2s/profuse/shared/pdf/ESMIG_U2A_Qualified_Configurations_v1_3_1.pdf" class="title">ESMIG U2A Qualified Configurations v1.3.1 (for GSD MU v1.0 users)</a> </li> </ul> </dd> <dt>1 Aug 2016</dt> <dd> <p> Business Process Description (BPD) </p><ul> <li> <a href="/paym/target/t2s/profuse/shared/pdf/2016-08-01_bpd_v1_4.pdf">Version 1.4</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/2016-08-01_revision_summary_of_bpd_v1_4.pdf">Revision Summary of BPD v1.4</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/2016-08-01_bpd_v1_4_rev_marks.pdf">Version 1.4 in rev. marks</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/previous_bpd_version.zip">Previous BPD versions</a> </li> </ul> </dd> <dt>29 Nov 2013</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/2013-11-29_t2s_connectivity_guide_v1-0.pdf">T2S Connectivity Guide v1.0</a></p> </dd> <dt>29 Jun 2012</dt> <dd> <p> Dedicated Links Connectivity Specifications </p><ul> <li> <a href="/paym/target/t2s/profuse/shared/pdf/Dedicated_Links_Connectivity_Specifications_v10.pdf">Version 1.0</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/Dedicated_Links_Connectivity_Specifications_v0_2.pdf">Version 0.2</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/Dedicated_Links_Connectivity_Specifications_v1_0.pdf">Version 0.1</a> </li> </ul> </dd> <dt>2 Jan 2012</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/20120102_licence.zip">T2S Connectivity Licences, the Licence Agreement and its attachments</a></p> </dd> <dt>17 Nov 2011</dt> <dd> <p> T2S General Principles </p><ul> <li> <a href="/paym/target/t2s/profuse/shared/pdf/2011_t2s_general_principles.pdf">2011 version</a> </li> <li> <a href="/paym/target/t2s/profuse/shared/pdf/T2S_AG_meet4_aob.pdf">2007 version</a> </li> </ul> </dd> <dt>29 Jan 2010</dt> <dd> <p> T2S General Specifications <a href="/paym/target/t2s/profuse/shared/pdf/t2s_general_specifications.pdf">Version 1.0 </a></p> </dd> <dt>23 Nov 2009</dt> <dd> <p> T2S General Technical Design <a href="/paym/target/t2s/profuse/shared/pdf/general_technical_design_spotlight.pdf">Version 2.2.0</a></p> </dd> </dl> </div> <p>The <strong>T2S Connectivity Guide</strong> describes the communication modes, the connectivity options and the access to the A2A and U2A services for the Directly Connected T2S Actors.</p><p>The <strong>Business Functionality for T2S Graphical User Interface</strong> provides a list of business functions available in the U2A mode (via the graphical user interface) and a brief description covering the purpose and key features of these business functions. ( <a href="/paym/target/t2s/profuse/shared/pdf/T2S_Demo.zip">T2S Graphical User Interface (GUI) demo</a> , <a href="/paym/target/t2s/profuse/shared/pdf/T2S_Demo_User_Guide.pdf">GUI Demo User Guide</a> ) </p><p><strong>T2S Data Migration Tool Specification</strong> - The document describes the details of the format of the excel and flat files to load bulk static and dynamic data into T2S for migration.</p><p><strong>General Functional Specifications (GFS)</strong> - The document explains how the requirements expressed in the URD will be fulfilled by the T2S platform from a functional perspective.</p><p>The <strong>T2S General Principles</strong> are the founding principles of the T2S project. They have been formulated in cooperation with the market and aim at ensuring the resilience, integrity and neutrality of the Eurosystem’s settlement platform.</p><p><strong>General Specifications</strong> - Together with the GFS and the GTD, the document describes how the Eurosystem envisages implementing the URD. In particular, the General Specifications focus on those user requirements that do not have a functional or technical dimension, such as operational support, testing, migration and information security.</p><p><strong>General Technical Design (GTD)</strong> – The document details the solution envisaged for the T2S non-functional requirements, more specifically with regard to the application design and the infrastructure design.</p><p><strong>User Detailed Functional Specifications (UDFS)</strong> – This is a user-oriented document that illustrates the features of T2S from a business perspective, provides details about application-to-application (A2A) dialogue between T2S Actors and T2S and gives a detailed description of the set of messages processed by T2S.</p><p><strong>User Handbook</strong> – The document is a user manual for the T2S graphical interface. It exclusively focuses on the U2A (user-to-application) dialogue with T2S.</p><p><strong>User Requirements Document (URD)</strong> - The document describes the features of T2S as required by the CSDs and market participants. The URD embodies the users‘ concept of T2S and provides the foundations for all further T2S technical documentation.</p> </div> <div class="header"> <div class="title">Legal documents</div> </div> <div class="content-box"> <h3>Collective Agreement</h3><p>The <a href="/paym/target/t2s/profuse/shared/pdf/2023-06_Collective_Agreement.pdf">Collective Agreement </a>between the central banks operating TARGET component systems and the Central Securities Depositories (CSDs) operating on the TARGET2-Securities platform entered into force on 20 March 2018. The agreement allows for a common moment of entry for payments and securities transfers. It also provides participants in the systems with more clarity, in particular on the provision of information and liability in the event of a participant in the systems becoming insolvent.<br></p><h3>T2S Guideline</h3><p>The <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02012O0013-20190620">T2S Guideline ECB/2012/13</a> is the cornerstone of the legal framework for T2S and the basis for all other future legal agreements. The Guideline lays down the rules on the internal governance of T2S. It also defines the basic principles for the financial system, the Eurosystem’s rights with regard to the platform and the access conditions for the CSDs.<br></p><h3>T2S Currency Participation Agreement (CPA)</h3><p>The <a href="/paym/target/t2s/profuse/shared/pdf/2024-10_T2S_Currency_Participation_Agreement.pdf">T2S Currency Participation Agreement</a> governs the relationship between the Eurosystem and non-euro area central banks that wish to make their currency available in T2S for settlement. The agreement consists of a main body (the “core CPA”) and more technical and operational schedules that are annexed to the agreement and form an integral part of it. The schedules cover, among others, the user testing, user migration, the Service Level Agreement, governance and change management. The Central Bank of Denmark is currently the only non-euro area central bank to have signed the T2S CPA.<br></p><h3>T2S Framework Agreement (FA)</h3><p>The <a href="/paym/target/t2s/profuse/shared/pdf/2024-10_T2S_Framework_Agreement.pdf">T2S Framework Agreement</a>, signed by the Eurosystem and each of the central securities depositories (CSDs) participating in T2S, sets out the rights and obligations of the Eurosystem and each contracting CSD, and covers the operation of T2S.<br></p><h3>T2S eligibility criteria for CSDs</h3><p>The <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1597407621475&uri=CELEX:32011D0020">Decision ECB/2011/20</a> establishes detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access T2S.</p> </div> <div class="header"> <div class="title">Other documents</div> </div> <div class="content-box"> <div class="definition-list"> <dl> <dt>17 Nov 2020</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/default_management_in_t2s.pdf">Default Management in T2S</a></p> </dd> <dt>28 Dec 2018</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/T2S_NTS_algorithms_objectives_V1.1.pdf">T2S NTS Algorithms Objectives</a></p> </dd> <dt>16 Feb 2017</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/2017-02-16_nro_technical_documentation_v_1_6.pdf">Technical Document on T2S Non-repudiation of Origin (NRO) for U2A (CR 0466)</a></p> </dd> <dt>04 Dec 2014</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/2014-12-01_T2S_NFT_4CB_report_final_v1_0.pdf">T2S Non Functional Tests</a></p> </dd> <dt>13 Jun 2014</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/t2s_glossary_v1.0.pdf">T2S Glossary version 1.0</a></p> </dd> <dt>02 Jun 2014</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/2014-06-02_the_t2s_for_the_liability_insurance.pdf">T2S Programme insights in view of liability insurance</a></p> </dd> <dt>10 Feb 2014</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/2013-11-07-eurosystem-certification-test-cases-v1_0.pdf">T2S Certification Testing test cases version 1.0</a></p> </dd> <dt>18 Oct 2013</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/t2s_non-functional_test_cases_v1.9.pdf">T2S Non-functional test cases version 1.9</a></p> </dd> <dt>11 Sep 2013</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/t2s_non-functional_test cases_v1.8.pdf">T2S Non-functional test cases version 1.8</a></p> </dd> <dt>06 Jun 2013</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/20130606_T2S_Training_calendar.pdf">T2S Training calendar</a></p> </dd> <dt>29 Jun 2012</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/20120629Public_Training_Frameworkv1_0.pdf">T2S Public Training Framework</a></p> </dd> <dt>05 Jun 2008</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/eco_impact_080523.pdf">T2S Economic impact assessment</a></p> </dd> <dt>04 Jun 2008</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/methodology_080523.pdf">T2S Economic impact analysis</a></p> </dd> </dl> </div> </div> <div class="header"> <div class="title">Knowledge-based repository</div> </div> <div class="content-box"> <p>This repository of presentations aims to provide insights into key technical issues related to T2S. We value your comments at <a href="mailto:t2-s@ecb.europa.eu">t2-s@ecb.europa.eu</a>.</p><p><strong>Disclaimer:</strong> The information contained in this knowledge-based repository is not, nor should be misconstrued as, amending, complementing or prevailing over the T2S scope-defining set of documents, the T2S Framework Agreement, its Schedules and its Annexes.</p> <div class="accordion"> <div class="header"> <div class="title">Access to T2S</div> </div> <div class="content-box"> <a href="/paym/target/t2s/profuse/shared/pdf/access_rights_management.pdf">T2S access rights</a> <ul> <li>How does the T2S access rights model work?</li> <li>How do you configure administrator privileges in “four-eyes” mode?</li> <li>What is the difference between privileges assigned directly and via role?</li> <li>Are there any automatic processes for disseminating privileges to users?</li> <li>How do you prevent an entire party from using a privilege?</li> <li>What happens if a new privilege is introduced?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/availability_of_reports_in_t2s.pdf">Availability of T2S generated reports</a> <ul> <li>How are reports generated in T2S?</li> <li>What are the key considerations for configuring reports in push and pull mode?</li> <li>What are the differences in terms of availability of push and pull reports?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/who_needs_to_conduct_certification_tests.pdf">Who needs to conduct certification tests?</a> <ul> <li>What is the definition of technical/business sender and instructing party?</li> <li>What is the purpose of the certification tests and who needs to be certified?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/list_of_t2s_privileges.zip">List of T2S privileges and third-party receipt privilege</a> <ul> <li>What privileges are used in A2A mode?</li> <li>Is a particular privilege applicable to a central securities depository or national central bank by default?</li> <li>What is the type of a privilege? System or object privilege?</li> <li>How do you configure the third-party receipt privilege?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insightsonconnecting.pdf">Connecting to T2S</a> <ul> <li>Who is responsible for what when defining a new entity in T2S?</li> <li>What is the process for creating a T2S user ID?</li> <li>What is the high-level view on A2A messages</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/2014-02_ag_meeting_insights_on_message_subscription_routing.pdf">Message subscription and routing</a> <ul> <li>How can message subscription be set up?</li> <li>Who can receive messages from T2S?</li> <li>What is the concept of routing configuration?</li> <li>What are the different types of transfer services?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/business_application_header.pdf">Using the business application header (BAH)</a> <ul> <li>What is the BAH?</li> <li>What are the key fields of the BAH?</li> <li>How are the fields used and filled in?</li> </ul> </div> <div class="header"> <div class="title">General</div> </div> <div class="content-box"> <a href="/paym/target/t2s/profuse/shared/pdf/delta_reports_in_t2s.pdf">Delta Reports in T2S</a> <ul> <li>Overview of report generation in T2S</li> <li>Delta vs complete reports</li> <li>Detailed description of delta versions</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/t2s_settlement_day_schedule.zip">T2S settlement day schedule</a> <ul> <li>Overview of T2S statuses for scheduled windows/sequences and the processes available during each window/sequence</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/t2s_functional_faq.pdf">Frequently asked questions about T2S functionalities</a> <ul> <li>Answers to questions regarding access rights, billing, collateral, connectivity, instructions, matching, queries, reports, static data and validation</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_t2s_billing_and_invoicing.pdf">T2S billing and invoicing</a> <ul> <li>What is the T2S invoice process and its content?</li> <li>How do you query billing data?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/mapping_of_service_items_with_t2s_price_list.pdf">Mapping of service items with T2S price list</a> </div> <div class="header"> <div class="title">Liquidity management and collateral management</div> </div> <div class="content-box"> <a href="/paym/target/t2s/profuse/shared/pdf/t2s_guide_for_payment_banks.pdf">T2S guide for payment banks</a> <ul> <li>How are payment banks and their clients set up in T2S?</li> <li>How is liquidity provided to payment bank clients?</li> <li>How are limits monitored and controlled?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/T2S_Auto_collateralisation.pdf">T2S auto-collateralisation – static data setup and messages</a> <ul> <li>How do you set up the static data for central bank auto-collateralisation (with repo and pledge model) and client collateralisation (with repo model)?</li> <li>What are the different processes involved in auto-collateralisation in T2S?</li> <li>How does information related to auto-collateralisation flow between T2S and T2S actors via different messages?</li> </ul> </div> <div class="header"> <div class="title">Settlement</div> </div> <div class="content-box"> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_partial_settlement.pdf">Partial settlement</a> <ul> <li>Which types of instructions/restrictions are subject to partial settlement?</li> <li>How is the partial settlement executed in detail? </li> <li>What are the differences in the execution of partial settlement between the instruction types?</li> <li>How is partial settlement reported to T2S Actors? </li> <li>Which specific scenarios need to be considered in regards to partial settlement?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_prioritisation_processes_in_t2s.pdf">Prioritisation of instructions</a> <ul> <li>Which factors are relevant when competing instructions are ready for settlement with the same priority?</li> <li>What is the behaviour for competing settlement instructions and settlement restrictions during night-time and real-time settlement?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_multiple_statuses_in_a_status_notification.pdf">Multiple statuses in a status notification</a> <ul> <li>What is the multiple-status principle for instructions in T2S?</li> <li>In which scenarios and combinations will T2S send multiple statuses within a single status advice message notification (sese.024)?</li> <li>In which scenarios are changes in counterparty instruction status notified to the party? </li> <li>Where can T2S status information be found within sese.024 message fields?</li> <li>Which sese.024 elements are relevant for T2S status reporting?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_the_use_of_msu_sum_and_dsu_in_t2s.pdf">Using Minimum Settlement Units (MSUs), Settlement Unit Multiples (SUMs) and Deviating Settlement Units (DSUs)</a> <ul> <li>How does T2S quantity validation work?</li> <li>What are the T2S partial settlement rules regarding MSUs and SUMs?</li> <li>What are the T2S auto-collateralisation rules regarding MSUs and SUMs?</li> <li>What differences regarding the usage of MSUs, SUMs and DSUs exist between quantity validation, partial settlement rules and the auto-collateralisation process?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_matching_fields_from_a_message_perspective_t2s.pdf">Matching fields from a message perspective</a> <ul> <li>What is matching?</li> <li>How can I fill in the matching fields in the messages sent to T2S?</li> <li>Where can I find the matching fields in the messages received from T2S?</li> <li>Which are the main messages related to the matching process?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/Insights_on_configuration_of_intra_cross_and_external_CSD_settlement_in_T2S.pdf">Configuring intra-, cross- and external CSD settlement in T2S</a> <ul> <li>Which elements are needed for intra-, cross- and external CSD settlement?</li> <li>How do you set up security CSD links, CSD account links and eligible counterpart CSD links? </li> <li>How do you configure various scenarios of intra-, cross- and external CSD settlement?</li> <li>What has to be done to change the security maintaining entity (SME)?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/Insights_on_CoSD_v1-0.pdf">Conditional Securities Delivery (COSD) in T2S</a> <ul> <li>What are the guiding principles of COSD?</li> <li>What are the components of the T2S COSD Framework?</li> <li>What does T2S communicate to the process stakeholders?</li> <li>How can the process stakeholders monitor and control the COSD process?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_t2s_linking.pdf">Linking instructions in T2S</a> <ul> <li>What is the concept of linking of instructions in T2S?</li> <li>How can linked instructions be created and amended?</li> <li>How are linked instructions validated and how does their settlement take place?</li> </ul> <a href="/paym/target/t2s/profuse/shared/pdf/insights_on_configuration_of_restriction_types_in_t2s.pdf">Configuring restriction types in T2S</a> <ul> <li>What are restriction types and why are they required in T2S?</li> <li>How do you set up restriction types in the T2S static data?</li> <li>How are the various restriction types processed?</li> <li>What are the best practices and key considerations for configuring restriction types in T2S? </li> </ul> </div> </div> </div> <div class="header"> <div class="title">Governing Council decisions</div> </div> <div class="content-box"> <div class="definition-list"> <dl> <dt>19 July 2012</dt> <dd> <p><a href="/press/pr/date/2012/html/pr120719_1.en.html" data-label="inglise keel" class="title">ECB Governing Council appoints members of the new T2S Board</a></p> </dd> <dt>3 July 2012</dt> <dd> <p><a href="/press/pr/date/2012/html/pr120703.en.html" data-label="inglise keel" class="title">Fifteen additional Central Securities Depositories intend to sign the T2S Framework Agreement</a></p> </dd> <dt>8 May 2012</dt> <dd> <p><a href="/press/pr/date/2012/html/pr120508.en.html" data-label="inglise keel" class="title">Eurosystem signs T2S Framework Agreement with first Central Securities Depositories</a></p> </dd> <dt>23 February 2012</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/currency-participation-agreement-including-schedules.pdf">The ECB Governing Council endorses the T2S Currency Participation Agreement and the related schedules</a></p> </dd> <dt>16 November 2011</dt> <dd> <p><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1597408094778&uri=CELEX:32011D0020" class="title">The ECB Governing Council decides on detailed rules and procedures for implementing the eligibility criteria for CSDs to access T2S services</a></p> </dd> <dt>22 July 2011</dt> <dd> <p><a href="/press/pr/date/2011/html/pr110722_1.en.html" data-label="inglise keel" class="title">The ECB Governing Council sets deadline for finalisation of the T2S Framework Agreement with CSDs</a></p> </dd> <dt>18 November 2010</dt> <dd> <p><a href="/press/pr/date/2010/html/pr101119.en.html" data-label="inglise keel" class="title">The ECB Governing Council agrees on the T2S DvP settlement price in T2S</a></p> </dd> <dt>16 September 2010</dt> <dd> <p><a href="/press/pr/date/2010/html/pr100916.en.html" data-label="inglise keel" class="title">The ECB Governing Council appoints members and alternates of the T2S Programme Board for the second term (starting 1 November 2010)</a></p> </dd> <dt>21 April 2010</dt> <dd> <p><a href="/ecb/legal/pdf/en_gui_ecb_2010_2_f_sign.pdf" class="title">The ECB Governing Council adopts the Guideline on TARGET2-Securities (ECB/2010/2)</a><br><a href="/press/govcdec/otherdec/2010/html/gc100423.en.html" data-label="inglise keel">Governing Council decision</a></p> </dd> <dt>14 January 2010</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/eligibility_criteria.pdf">The ECB Governing Council adopts five eligibility criteria for CSDs in T2S</a> . </p> </dd> <dt>23 April 2009</dt> <dd> <p><a href="/press/pr/date/2009/html/pr090423.en.html" data-label="inglise keel" class="title">The ECB Governing Council appoints members and alternates of the T2S Programme Board</a></p> </dd> <dt>2 April 2009</dt> <dd> <p><a href="/paym/target/t2s/profuse/shared/pdf/en_decision_ecb_2009_6_on_t2s_programme_board_signed.pdf">The ECB Governing Council sets up the T2S Programme Board</a></p> </dd> <dt>17 July 2008</dt> <dd> <p><a href="/press/pr/date/2008/html/pr080717.en.html" data-label="inglise keel" class="title">The ECB Governing Council decides to launch 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