ECB Governing Council decisions in January-February 2026

During January and February 2026, the European Central Bank (ECB) Governing Council took several decisions and issued statements on various topics.

On 13 January 2026, the ECB published a statement signed by central bankers worldwide, including ECB President Christine Lagarde, expressing full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The statement emphasized the importance of central bank independence for stability.

On 16 January 2026, the ECB announced the completion of its climate and nature plan 2024-2025, reaffirming commitment to integrating climate and nature risks into its core work. The ECB highlighted three priority areas: transitioning to a green economy, managing physical climate impacts, and addressing ecosystem degradation.

On 18 February 2026, the ECB announced a collaboration with the ONCE Foundation to ensure the digital euro app is accessible to all, including people with disabilities, limited digital skills, and older adults. Further details are available on the ECB website.

Market operations updates included a December 2025 decision to simplify remuneration of excess reserves, with implementation expected in the first half of 2026. On 22 January 2026, amendments to legal acts on Eurosystem monetary policy were adopted, effective from 30 March 2026, including new collateral eligibility criteria and the acceptance of assets issued on distributed ledger technology (DLT).

The ECB also conducted an annual review of collateral frameworks on 22 January 2026, recognizing Finnfund as an eligible issuer. On 14 February 2026, the ECB announced enhancements to the Eurosystem repo facility for central banks (EUREP), increasing its flexibility and reach.

In macroprudential policy, the ECB and ESRB published joint reports on risks from geoeconomic fragmentation and bank-non-bank linkages, highlighting systemic risk channels. Regarding market infrastructure, the ECB approved the list of CCPs eligible for the credit facility and updated the Market Infrastructure Board’s mandate and membership renewal process.

Legislative advice included opinions on banking taxation, supervisory independence, cash payment limitations, reserve ratios, and macroprudential measures, requested by various national authorities. The ECB also issued recommendations on external auditors and amended employment conditions for its staff to enhance data protection and workplace discipline.

The ECB’s 2025 annual financial accounts were approved on 25 February 2026. The Governing Council also issued an opinion on the appointment of the ECB Vice-President and appointed Christophe Kamps as Acting Secretary for monetary policy, effective 1 March 2026.

On 30 December 2025, the ECB approved the 2024 statistical confidentiality report for publication. The Governing Council discussed European structural policy priorities on 5 February 2026, focusing on investment, digital euro, market integration, innovation, and legislative simplification.

In banking supervision, the ECB approved a delegation decision regarding mergers and acquisitions of material holdings on 13 February 2026. It also imposed penalties of €7,551,050 on Crédit Agricole, S.A. for non-compliance with climate risk assessment requirements, announced on the same day.