27/02/2007 (Agence Europe) - On Tuesday 27 February, the Ecofin Council adopted, without amendment, the positive, but prudent, conclusions on the European Central Bank (ECB) Target2-Securities (T2S) project (see EUROPE 9372). This project - which deals only with settlement transactions - provides for the setting up of a single technological platform for all transactions carried out in Central Bank money in the euro zone. It recommends that the European institution examine carefully the economic feasibility and take account of the opinions of market players. Finland stressed the need for a solid legal basis for the project, while Sweden said it was important that the future T2S system was open to currency from outside the euro zone, a European source said. Peer Steinbrück, the German finance minister, said he felt that the ECB was able to see the project through to a successful conclusion, even though there were questions about responsibility and the treatment of non-banking companies. The ECB is not expected to make its final decision on the T2S project in March, but it will launch a more in-depth consultation exercise of the players. (mb)