ECB details broad decisions on independence, climate, and market framework
The European Central Bank's Governing Council announced a series of decisions taken in January and February 2026, covering central bank independence, climate and nature risks, digital euro access, and updates to its monetary policy framework.
Reinforcing independence and digital innovation
The ECB's Governing Council made several key decisions in early 2026.
On January 13, it joined global central bankers, including President Christine Lagarde, in a statement supporting Federal Reserve Chair Jerome H. Powell, emphasizing central bank independence as vital for stability.
The Council concluded its 2024-2025 climate and nature plan on January 16, reiterating its commitment to embedding climate and nature-related risks into its core work, focusing on green transition, physical impacts, and ecosystem degradation.
On February 18, a collaboration with the ONCE Foundation was announced to ensure universal access to the digital euro application for people with disabilities and older adults.
A December 2025 decision simplified remuneration of excess reserves, ensuring they are always remunerated at the deposit facility rate, with implementation by mid-2026.
Amendments to the Eurosystem monetary policy framework, adopted January 22, will also allow DLT-issued assets as collateral from March 30, 2026.
Strengthening financial stability and market operations
The Governing Council noted two joint ESRB/ECB reports on financial stability risks.
On January 20, a report examined risks from geoeconomic fragmentation, analyzing how geopolitical shocks affect the financial system.
On February 6, another report focused on risks from linkages between banks and the non-bank financial intermediation sector.
In market operations, the ECB enhanced the Eurosystem repo facility for central banks (EUREP) on February 14. This enhancement introduces standing access and enlarges geographical reach to support monetary policy transmission during euro liquidity shortages abroad.
Additionally, on December 19, 2025, the Governing Council approved the list of eligible central counterparties (CCPs) for the CCP credit facility and initiated the membership renewal for the Market Infrastructure Board's next term, starting June 1, 2026.
Broad agenda, subtle signals
This compilation of decisions highlights the extensive and multifaceted agenda of the ECB beyond interest rate policy.
While individually many items appear operational, collectively they underscore a proactive stance on emerging risks like climate and geopolitical fragmentation.
The emphasis on digital euro accessibility and DLT collateral also signals a forward-looking approach to market infrastructure.