ECB Governing Council decisions on climate disclosures, market infrastructure, and governance in June 2026

On 21 May 2026, the ECB Governing Council authorized the publication of the fourth ECB report on climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and of the ECB’s foreign reserves. The reports, along with a press release and FAQs, will be published on the ECB’s website on 15 June 2026. A second report covers climate-related disclosures of the ECB’s non-monetary policy portfolios.

On 21 May 2026, the Council noted the outcome of a public consultation on extending T2 operating hours, which received responses from 125 entities across 19 countries. It approved a new short settlement window for liquidity management during most weekends and possibly TARGET closing days within the next two years. The Market Infrastructure Board was instructed to explore further extensions in line with the strategic roadmap. An announcement is available on the ECB’s website.

On 3 June 2026, the Governing Council reviewed the TARGET Services Annual Report 2025, which details developments in T2, T2S, TIPS, and ECMS systems, including the extension of T2 operating hours and other topics relevant in 2025. The report is accessible on the ECB’s website.

On 28 May 2026, the Council approved, in principle, the inclusion of “Profit/(loss) for the year” and “Accumulated losses carried forward” in the Eurosystem’s consolidated annual balance sheet, replacing the provisional balance sheet published in February. These changes aim to improve transparency. The relevant legal instruments will be prepared by AMICO and LEGCO to take effect starting with the 2026 balance sheet, published in June 2027.

On 10 June 2026, the ECB appointed Roland Straub as Secretary for monetary policy, effective from 1 July 2026. He succeeds Christophe Kamps, who served as acting Secretary after Massimo Rostagno’s retirement in February 2026. The Governing Council expressed gratitude for Mr. Kamps’ service.

On 8 June 2026, the ECB announced key milestones for implementing the Integrated Reporting Framework (IReF) programme, which aims to harmonize statistical reporting across euro area banks. The milestones include a public consultation on the draft regulation in late 2027, a pilot phase starting in Q2 2030, and the first official reporting in 2031. Details are available in the ECB’s press release.

The ECB also announced compliance with the Joint Guidelines on environmental, social, and governance risks stress testing, further details of which are available on the ECB’s website.