ECB amends monetary policy implementation guidelines

The European Central Bank (ECB) has published amendments to its guidelines on the implementation of monetary policy in the Eurosystem, which will be effective from 30 March 2026.

The amendments include the conditional reinstatement of access to Eurosystem monetary policy operations for entities subject to an open bank resolution scheme, provided they meet specific conditions such as regulatory minimum own funds requirements.

As announced on 29 November 2024, some temporary asset types will be integrated into the general collateral framework, while others will be discontinued to improve collateral harmonisation.

A climate factor will be introduced to mitigate potential collateral value declines due to climate-related transition shocks, effective from 15 June 2026. This measure was announced on 29 July 2025.

International debt instruments issued through international central securities depositories in fully dematerialised or non-physical form will be eligible as collateral, subject to meeting all other criteria. The Eurosystem will verify that such instruments do not pose material risks affecting its collateral rights.

These updates align with recent market infrastructure developments and are detailed in guidelines ECB/2026/1, ECB/2026/2, ECB/2026/3, and ECB/2026/4, available on the ECB website and published in 23 EU languages in the Official Journal of the European Union.

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