Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) Skip to: Skip to navigation Skip to content Skip to footer EN Български Čeština Dansk Deutsch Eλληνικά English Español Eesti keel Suomi Français Gaeilge Hrvatski Magyar Italiano Lietuvių Latviešu Malti Nederlands Polski Português Română Slovenčina Slovenščina Svenska Menu Monetary policy & markets Monetary policy & markets Our monetary policy strategy, the tools we use and the impact they have Overview of monetary policy and markets Quick links What is monetary policy? Strategy review Asset purchase programmes Latest monetary policy press conference 23 July 2026 Introduction Benefits of price stability Scope of monetary policy Transmission mechanism Decisions, statements & accounts Monetary policy strategy Strategy review Medium-term orientation Two per cent inflation target Economic, monetary and financial analysis Economic analysis Monetary and financial analysis Monetary policy operations Open market operations TLTROs Asset purchase programmes Securities lending Pandemic emergency purchase programme Standing facilities Minimum reserves Two-tier system Euro central bank liquidity lines Swap lines EUREP Chronology of Eurosystem liquidity lines Emergency liquidity assistance (ELA) Liquidity analysis Collateral Eligibility criteria and assessment Marketable assets Non-marketable assets List of eligible marketable assets User guide Collateral management Eligible SSSs Eligible links Eligible triparty agents Risk mitigation ECAF Risk control Haircut categories Valuation Loan-level requirements Contacts Structure of the euro area economy Economic policy Fiscal policies External trade Effective exchange rates Financial structure Financial markets Financial intermediaries Economic diversity Labour market Market contact groups Bond market (BMCG) Money market (MMCG) Debt Issuance Market Contact Group (DIMCG) ECB Operations managers group (ECB OMG) Foreign exchange (FXCG) Institutional Investor Dialogue (IID) Monetary Analysis Contact Group (MACG) Payments & financial stability Payments & financial stability Insights into our work on financial stability and payments and market infrastructures Overview of payments and financial stability Quick links Digital euro Payments news & events Market contact groups TARGET professional use documents and links Latest Financial Stability Review 5 June 2025 Payments TARGET Services Shared features T2 Facts and figures Governance T2S Governance Facts and figures Pricing TIPS Cross-border payments Governance Facts and figures Onboarding ECMS Governance Pontes Governance TARGET professional use documents & links Shared features documents & links T2 documents & links T2S documents & links TIPS documents & links ECMS documents & links Pontes documents & links Tokenisation and DLT Appia Exploratory work Retail payments Retail payments strategy ECB as a catalyst SEPA Instant payments Market contact groups Collateral management harmonisation SCoRE Implementation FAQ AMI-SeCo Cyber resilience Financial market infrastructures TIBER-EU Euro Cyber Resilience Board Oversight Payment systems TARGET2-Securities Electronic payments Securities settlement systems and central counterparties Critical service providers Correspondent and custodian banks SecuRe Pay forum Reserve management services Key aspects Range of services Cash professionals Cash handling Authentication devices Recirculation of banknotes Common detector interface specifications Banknote manufacturer accreditation Financial stability Introduction to financial stability Macroprudential Measures Financial stability contact groups Statistics Statistics Access to all ECB statistics and background information Overview of ECB statistics Quick links Key figures ECB Data Portal Statistical releases PRESS RELEASE - ECB launches pilot project for research access to confidential statistical data 13 March 2025 Frequently accessed Euro exchange rates Key ECB interest rates Euro short-term rate (€STR) Interest rate benchmarks Working group on euro risk-free rates Inflation Euro area yield curves All statistics & background All key statistics All data services Data reporting & standards Governance and quality framework Co-operation and standards Banks’ data reporting AnaCredit AnaCredit Q&A Public consultations Banking industry dialogue on ESCB statistics and integrated reporting SDMX – statistical data exchange model INEXDA - granular data network The euro The euro All you need to know about our common currency Overview of the euro Quick links Cash professionals Banknote and coins statistics Euro exchange rates Redesign process of our future banknotes Digital euro What it is Digital euro and privacy How it works Why we need it Innovation platform Pilot Timeline and progress In-depth information Governance and stakeholder engagement Technical documents and research Scheme rulebook Frequently asked questions Cash The Eurosystem cash strategy The role of cash Issuance and circulation Access to and acceptance of cash Frequently asked questions Banknotes Future banknotes Current banknotes Denominations Design elements Security features Anti-counterfeiting Banknote production and stocks Damaged and inked-stained banknotes Environment, health and safety Product environmental footprint Research and development Images and reproduction rules Information and training materials Coins €2 €1 50 cent 20 cent 10 cent 5 cent 2 cent 1 cent Common sides €2 commemorative coins Security features Collector coins Joining the euro area Bulgaria (2026) Croatia (2023) Lithuania (2015) Latvia (2014) Estonia (2011) Slovakia (2009) Cyprus (2008) Malta (2008) Slovenia (2007) Initial changeover (2002) Exchanging national cash Austria Belgium Bulgaria Croatia Cyprus Estonia Finland France Germany Greece Ireland Latvia Italy Lithuania Luxembourg Malta The Netherlands Portugal Slovakia Slovenia Spain Visually impaired people Research Research In-depth studies and expert analyses covering diverse topics and fields Overview of ECB research Quick links Conferences & seminars Opportunities for researchers Research Bulletin Economic research Research agenda Monetary policy, strategy and implementation Fiscal policy and governance within EMU International macro and finance Real sector and microeconomic analysis Forecasting and business cycle analysis Macro-finance, systemic risk and macroprudential policy Financial institutions, microprudential policy, financial markets and payments Opportunities for researchers Wim Duisenberg Fellowship Regular Research Visitors Lamfalussy Fellowship Summer Research Graduate Programme Student Research Traineeship Programme Legal Research Legal conferences and seminars Legal Research Programme Research papers Papers by authors ECB researchers Research networks News & publications News & Publications Browse all news & publications News Press releases Statistical releases Speeches Interviews The ECB Blog Podcasts & webcasts Payments news & events Press hub Publications Governing Council decisions Monetary policy decisions Other decisions Monetary policy accounts Economic Bulletin Articles Focus Monthly Bulletin Macroeconomic projections Annual reports & financial statements Annual Report Annual Accounts Eurosystem balance sheet Weekly financial statements Disaggregated data Financial stability publications Financial Stability Review Special features & boxes Macroprudential Bulletin Research publications Research Bulletin Working papers Discussion papers Occasional papers Legal working papers Statistics papers Other publications Letters to MEPs Convergence Report International Role of the Euro Events & calendars Monetary policy press conference Monetary policy statements Monetary policy statements at a glance Conferences & seminars Forum on Central Banking Young Economist Prize Past editions Civil society engagement Calendars Weekly schedule Meetings of the Governing Council and the General Council Statistical calendars Money, banking and financial markets Euro area economic and financial developments by institutional sector External transactions and positions Prices, output, demand and labour Government finance Supervisory and prudential statistics Eurosystem's tender operations Reserve maintenance period ECB banking supervision About us About us All about us Our leadership Executive Board Governing Council General Council Supervisory Board Our organisation ECB, ESCB and the Eurosystem ECB mission Eurosystem mission Strategic intents Organisational principles Our tasks and responsibilities Monetary policy Statistics Financial stability and macroprudential policy Our tasks Strategy Institutional framework Banknotes Payments & securities European relations European cooperation EMU economic governance International affairs International relations and analysis International central bank cooperation Foreign reserves and own funds Foreign exchange operations Organisation chart of the ECB Capital subscription Corporate governance Eurosystem financial literacy network Our values Independence Transparency Accountability Ethics – working with integrity Ethics Network of Multilateral Organizations (ENMO) Our history, arts and culture Our history 25 years of the ECB Economic and Monetary Union EU enlargement European Union Archives Committee of Governors European Monetary Cooperation Fund Delors Committee European Monetary Institute European Central Bank Arts and culture Our legal framework EUR-Lex - Frequently asked questions Institutional framework Climate change and the ECB Our climate and nature plan Climate-related financial disclosures Managing climate-related risks Supporting the green transition Fostering wider action Our approach Environmental protection Climate Insurance Protection Gap Sanctions imposed by the ECB Procurement Tenders Archive Electronic tendering system Access to documents Public Register of Documents Contacts Address ECB public holidays ECB & You ECB & You All about ECB & You Explainers Key things to know about the ECB ECB and beyond Our currency, the euro Making payments Monetary policy Unconventional monetary policy instruments Banking supervision Climate change and the ECB Test your knowledge Youth initiatives Girls' IT Bootcamp Financial literacy in Europe The gender gap in financial literacy Everyone needs stability ECB & You broadcasts ECB in Frankfurt Ask us Visit us Main building Careers Careers All about careers Vacancies Who we are About the ECB Meet our people Life in Frankfurt Why we value diversity Women@ECB Diversity networks What we offer Benefits & rewards Contract types Fixed-term Short-term ESCB/IO Other Traineeship Graduate programme ECB Scholarship for Women ECB Scholarship for Ukrainian graduates How you can join us How to apply How we hire You have been selected, what next? Fixed-term employee Short-term employee Trainee Cost-free secondee FAQs Search Menu ANYTIME PAST MONTH PAST YEAR Search Options Image Preview Sort by ANYTIME PAST MONTH PAST YEAR Suggestions Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers Suggestions Sort by Relevance Date Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) July 2026 24 July 2026 External communication Publication of the 2026 ECB Convergence Report On 24 June 2026 the ECB published its Convergence Report assessing the progress made towards euro adoption in the Czech Republic, Hungary, Poland, Romania and Sweden, following its adoption by the General Council of the ECB. Prepared in accordance with Article 140 of the Treaty on the Functioning of the European Union, the ECB Convergence Report has been published alongside the one prepared by the European Commission and a related press release . Market operations Publication of the 2025 Bank Treasurer Survey Report On 18 June 2026 the Governing Council approved the publication of the 2025 Bank Treasurer Survey Report. This survey was conducted between 14 and 29 October 2025 with responses from 184 banks, accounting altogether for approximately 72% of total banking assets and central bank reserves in the euro area. The survey, which provides valuable insight into the ongoing monitoring of banks’ liquidity management by gathering systematic views about banks’ expected demand for central bank reserves, including through the use of the Eurosystem’s standard refinancing operations, is available on the ECB’s website. Integration of portfolios of non-financial corporate loans in the Eurosystem general collateral framework On 24 June 2026 the Governing Council decided on the eligibility criteria and risk control framework to permanently integrate portfolios of non-financial corporate (NFC) credit claims into the Eurosystem general collateral framework. This follows the Governing Council’s initial announcement in November 2024 to phase out temporary collateral measures that allowed banks to post a broader range of NFC credit claims as collateral, and marks the final step in phasing out the temporary additional credit claim (ACC) framework. This decision marks the return to a single list of eligible collateral applied across the whole euro area. Technical implementation is currently planned for November 2027 at the earliest. More detailed information is provided in a related press release and FAQ document available on the ECB’s website. ECB indicative operational calendars for 2027 and 2028 On 30 June 2026 the ECB published the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for both 2027 and 2028 . Reclassification of the financial subsidiaries of non-financial companies in the Eurosystem collateral framework On 9 July 2026 the Governing Council decided to allocate the financial subsidiaries of non-financial corporate (NFC) issuer group to haircut category III of the Eurosystem collateral framework through the creation of a dedicated issuer group category. Entities in this new category will also become eligible debtors for credit claims used as collateral in Eurosystem credit operations. These changes ensure that the financial subsidiaries belonging to the NFC issuer group are subject to the same haircut treatment as their parent undertaking. The legal framework will be amended in due course so that the measure can take effect in November 2026. Operationalisation of the enhanced Eurosystem repo facility for central banks On 15 July 2026 the Governing Council approved the detailed operational parameters for the implementation of the enhanced Eurosystem repo facility for central banks (EUREP), following on from its earlier decision of February 2026, and adopted Guideline ECB/2026/17 on the Eurosystem liquidity facility for non-euro area central banks, which will be published in due course on EUR-LEX. As part of this approval, the Governing Council also confirmed the onboarding of foreign central banks by five Eurosystem national central banks acting on behalf of the Eurosystem as EUREP providers. A related press release with more detailed information is available on the ECB’s website. Further integration of climate change considerations in the Eurosystem collateral framework On 22 July 2026 the Governing Council decided to extend the use of climate factors in the Eurosystem collateral framework to non-financial corporate credit claims. The extension, which builds on the introduction of a climate factor for marketable assets issued by NFCs and their affiliated entities that became effective on 15 June 2026, is designed to further strengthen the Eurosystem’s risk management framework by addressing financial uncertainties related to the climate transition. A related press release is available on the ECB’s website. Macroprudential policy and financial stability Governing Council statement on macroprudential policies On 8 July 2026 the ECB published a statement on macroprudential policies, approved by the Governing Council following a meeting of the Macroprudential Forum on 24 June 2026. Taking into account the fact that, since the previous statement in July 2025, risks to euro area financial stability have remained elevated in an environment of prolonged geopolitical tensions and uncertainty, the statement highlights the need for national authorities to maintain the current resilience of the banking system and for macroprudential policy to remain agile and adapt to changing conditions as needed. Policymakers need to continue to closely monitor the situation. Furthermore, the Governing Council expressed its support for an ambitious reform agenda to simplify the prudential framework while preserving the resilience and stability of the financial system. Market infrastructure and payments TARGET2-Securities (T2S) financial statements On 10 July 2026 the Governing Council approved the publication of the T2S financial statements for 2025 and took note of the related external audit opinion. The publication of these statements fulfils an obligation under the T2S Framework Agreement and is intended to inform T2S stakeholders, as well as the general public, about the financial situation of T2S. The documents are available on the ECB’s website. Progress report on the digital euro project On 22 July 2026 the Governing Council took note of the progress made on key milestones of the digital euro project reached during November 2025-April 2026 and of the envisaged next steps, concluding that the project remained on track in terms of both budget and timing. The list of the 36 payment service providers selected to join the digital euro pilot was published via a press release available on the ECB’s website. More detailed information on the digital euro project is available on the ECB’s website. Advice on legislation ECB Opinion on the stay of foreclosures and the restructuring of loans and guarantees On 12 June 2026 the Governing Council adopted Opinion CON/2026/18 at the request of the Cypriot Minister for Finance. ECB Opinion on the functioning of a Systemic Stability Council On 17 June 2026 the Governing Council adopted Opinion CON/2026/19 at the request of the Greek Ministry of National Economy and Finance. ECB Opinion on supervisory independence, prevention of conflicts of interest, notifications of material holdings and mergers and divisions, ESG risks, suitability assessments of management bodies and key function holders, and administrative penalties and periodic penalty payments On 19 June 2026 the Governing Council adopted Opinion CON/2026/20 at the request of the Austrian Ministry of Finance. ECB Opinion on the designation of Lietuvos bankas as resolution authority for insurance and reinsurance undertakings On 2 July 2026 the Governing Council adopted Opinion CON/2026/21 at the request of the Lithuanian Ministry of Finance. ECB Opinion on increasing the cash payment limit for business-to-business transactions On 8 July 2026 the Governing Council adopted Opinion CON/2026/22 at the request of the Marshal of the Polish Parliament. Corporate governance Appointment of a new member to the euro short-term rate Oversight Committee On 18 June 2026 the Governing Council appointed Livio Stracca, ECB Deputy Director General Macroprudential Policy and Financial Stability, as a new member of the euro short-term rate (€STR) Oversight Committee with effect from 1 July 2026. The appointment follows the change in the position of former committee member Massimo Rostagno, who stepped down at the end of February 2026 and subsequently retired from the ECB. As of 1 July 2026, the €STR Oversight Committee is chaired by Boris Vujčić since the Vice-President of the ECB assumes this role ex officio. The €STR Oversight Committee reviews, challenges and reports on all aspects of the €STR determination process as established by the €STR Guideline. Further information on the €STR Oversight Committee is available on the ECB’s website. Statistics Amending Guideline on the Register of Institutions and Affiliates Data On 25 June 2026 the Governing Council adopted Guideline (EU) 2026/1694 amending Guideline (EU) 2018/876 on the Register of Institutions and Affiliates Data (ECB/2018/16) ( ECB/2026/15 ). The amending Guideline mainly incorporates limited technical changes and amendments, such as cross-references to legal acts that have changed or been repealed. Banknotes and coins Outcome of the design contest and launch of public survey on the winning designs On 22 July 2026 the Governing Council took note of the outcome of the design contest for future euro banknotes launched in July 2025, in which graphic designers from across the European Union were invited to submit proposals for the two themes, “Rivers and birds” and “European culture”. The Design Contest Jury composed of 21 experts in fields such as graphic design, communication, neuroscience and history, each nominated by a euro area central bank, has selected five winning designs for each of the two themes. The Governing Council has now decided to launch an online survey inviting all Europeans to share their views on the design proposals . This public survey will remain open until 21 September 2026. A dedicated press release together with more detailed information is available on the ECB’s website. ECB Banking supervision Asset quality review of KfW Beteiligungsholding GmbH and Promontoria 19 Coöperatie U.A On 18 June 2026 the Governing Council did not object to a proposal by the Supervisory Board to disclose the final results of the asset quality review for KfW Beteiligungsholding GmbH and Promontoria 19 Coöperatie U.A. The results and a related press release are available on the ECB’s banking supervision website. Status update on the streamlining efforts under the Next-level Supervision project On 25 June 2026 the Governing Council did not object to a proposal by the Supervisory Board to approve the deliverables of the workstream established within the Next-level Supervision project to review key supervisory guidance publications with a view to improving clarity and transparency. As part of this work, the classification of supervisory publications has also been updated to clarify the purpose and intended use of different publication types, including supervisory guides, reports, letters and methodologies. More detailed information is available in a related press release published on the ECB’s banking supervision website. Administrative penalty imposed on one euro area bank On 29 June 2026 the ECB announced that it had imposed an administrative penalty of €3,255,000 on Banque Internationale à Luxembourg (BIL) for having intentionally failed to apply its approved internal models for the calculation of the expected loss for retail and corporate exposures in default. A related press release is available on the ECB’s banking supervision website. Revised ECB Guide to the internal capital adequacy assessment process On 8 July 2026 the Governing Council did not object to a proposal by the Supervisory Board to publish a revised version of the ECB Guide to the internal capital adequacy assessment process (ICAAP), together with a clarification note on the governance around the submissions and key content areas which should be reflected in ICAAP and internal liquidity adequacy assessment processes (ILAAP) packages. The documents are available on the ECB’s banking supervision website. Revised ECB Guide to assessments of licence applications On 17 July 2026 the Governing Council did not object to a proposal by the Supervisory Board to publish a revised version of the ECB Guide to assessments of licence applications which will apply to all applications for a licence to become a credit institution under the Capital Requirements Regulation (CRR), including, but not limited to, initial authorisations for credit institutions, bridge bank applications and licence extensions. Some key objectives of this Guide are to promote awareness, enhance transparency and ensure greater consistency in the licensing of credit institutions across European banking supervision jurisdictions. The Guide – which replaces the previous version of the Guide published in 2019 and is designed as a practical tool to support stakeholders involved in licence applications – provides insights drawn from the practical experience gained since the start of European banking supervision. The Guide will be published in due course on the ECB’s banking supervision website. CONTACT European Central Bank Directorate General Communications Sonnemannstrasse 20 60314 Frankfurt am Main, Germany +49 69 1344 7455 media@ecb.europa.eu Reproduction is permitted provided that the source is acknowledged. Media contacts Are you happy with this page? Yes No What made you unhappy? Page not working Information not useful Design not attractive Something else Thank you for letting us know! Useful links About us Work with us Explainers Press photos Contacts Where to find us Using our site Disclaimer & Copyright Technical updates Responsible disclosure Corporate Policies Data Protection Privacy statement for the website Cookies policy Accessibility statement Language policy Site directory Copyright 2026, European Central Bank Follow us Our website uses cookies We use functional cookies to store user preferences; analytics cookies to improve website performance; third-party cookies set by third-party services integrated into the website. You have the choice to accept or reject them. For more information or to review your preference on the cookies and server logs we use, we invite you to: Read our privacy statement Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies Thank you! Thank you! We have updated our privacy policy We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. See what has changed in our privacy policy I understand and I accept the use of cookies I do not accept the use of cookies Your cookie preference has expired We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies This feature requires cookies. Modify

Nøglefraser.

Fuld tekst.