ECB Governing Council decisions on digital euro, climate, and market rules
The European Central Bank's Governing Council announced a wide range of decisions taken in January and February 2026. These include updates on the climate and nature plan, digital euro accessibility, and various market operations and financial stability reports.
Streamlining market operations and digital euro access
The ECB Governing Council decided in December 2025 to simplify the remuneration of excess reserves, ensuring they are always remunerated at the deposit facility rate.
This change will apply from 30 March 2026, alongside amendments to legal acts implementing the Eurosystem monetary policy framework, including the acceptance of DLT-issued marketable assets as collateral.
Furthermore, the Eurosystem repo facility for central banks (EUREP) was enhanced on February 14, 2026, to offer standing access and wider geographical reach, supporting euro liquidity abroad.
On February 18, 2026, the ECB also announced a collaboration with the ONCE Foundation to ensure universal access to the digital euro app, making it accessible for people with disabilities or limited digital skills.
Addressing systemic risks and internal governance
The ECB concluded its 2024-2025 climate and nature plan in January 2026, reiterating its commitment to integrating climate and nature-related risks into its core work across three priority areas.
The Governing Council also noted two joint ESRB/ECB reports from January and February 2026, which assessed financial stability risks from geoeconomic fragmentation and the linkages between banks and non-bank financial institutions.
Furthermore, the mandate of the Market Infrastructure Board was amended, and its membership renewal initiated, with a new term from June 1, 2026.
The ECB also approved its Annual Accounts 2025 and appointed Christophe Kamps as Acting Secretary for monetary policy.
Beyond rates: A central bank in constant evolution
This comprehensive overview underscores the ECB's expanding mandate beyond traditional monetary policy, actively addressing climate, digital currency, and financial stability.
The numerous operational and governance updates reflect a central bank continuously adapting its internal structures and external tools to a complex environment.
While not market-moving, these decisions illustrate the breadth of work required to maintain stability and relevance.