ECB Governing Council decisions in July 2026 include publication of convergence report, market operations, and policy updates

On 24 June 2026, the ECB published its 2026 Convergence Report assessing progress towards euro adoption in the Czech Republic, Hungary, Poland, Romania, and Sweden. This report was prepared under Article 140 of the Treaty on the Functioning of the European Union and released alongside the European Commission’s report and a press release.

On 18 June 2026, the Governing Council approved the publication of the 2025 Bank Treasurer Survey Report, which gathered responses from 184 banks representing approximately 72% of euro area banking assets. The survey offers insights into banks’ liquidity management and reserve demand expectations.

Also on 24 June 2026, the Council decided on eligibility criteria and risk controls for integrating portfolios of non-financial corporate (NFC) credit claims into the Eurosystem collateral framework, marking the final step in phasing out temporary collateral measures. Implementation is planned for November 2027.

On 30 June 2026, the ECB published indicative operational calendars for 2027 and 2028, covering tender operations and reserve maintenance periods.

Furthermore, on 9 July 2026, the Governing Council reclassified the financial subsidiaries of non-financial companies within the Eurosystem collateral framework, creating a dedicated issuer group category with eligibility for collateral use, effective from November 2026.

On 15 July 2026, the Council approved operational parameters for the enhanced Eurosystem repo facility for central banks (EUREP) and confirmed onboarding foreign central banks as providers. A related press release is available on the ECB’s website.

On 22 July 2026, the ECB extended the use of climate factors to non-financial corporate credit claims in the Eurosystem collateral framework, strengthening risk management related to climate transition uncertainties.

In macroprudential policy, the ECB issued a statement on 8 July 2026 emphasizing the need for continued resilience and policy agility amid elevated risks and geopolitical tensions. The statement supports ongoing reforms to simplify the prudential framework.

Regarding market infrastructure, the Governing Council approved the 2025 TARGET2-Securities financial statements on 10 July 2026 and noted progress on the digital euro project, including milestones and the selection of payment service providers, on 22 July 2026.

The ECB issued several opinions on legislation, including on foreclosure stays, systemic stability, supervisory independence, resolution authority for Lithuanian insurance, and cash payment limits, between June and July 2026.

In corporate governance, Livio Stracca was appointed to the €STR Oversight Committee effective 1 July 2026. The Governing Council also adopted amendments to the Register of Institutions and Affiliates Data Guideline on 25 June 2026.

On 22 July 2026, the ECB announced the outcome of the euro banknotes design contest and launched a public survey on the proposed designs, open until 21 September 2026.

In banking supervision, the ECB disclosed asset quality review results for KfW Beteiligungsholding GmbH and Promontoria 19 Coöperatie U.A. on 18 June 2026, approved streamlining of supervisory guidance on 25 June, imposed a penalty of €3,255,000 on Banque Internationale à Luxembourg on 29 June, and published revised guides on internal capital adequacy and licensing assessments in July 2026.