Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

Market operations

On 22 April 2025 the Governing Council decided, following the annual review of these lists, not to make changes to the list of non-regulated markets accepted by the ECB or to the list of issuers recognised by the ECB as agencies eligible for participation in the Eurosystem’s collateral framework. The Governing Council also decided to assign two agencies (Caisse des dépôts et consignations and Finnvera PLC) to a more favourable haircut category after they were found to comply with the relevant quantitative criteria. Conversely, the Governing Council decided to reclassify LfA Förderbank Bayern from haircut category II to the more conservative haircut category IV. The current lists are available on the ECB’s website.

Macroprudential policy and financial stability

Financial Stability Review – May 2025

On 14 May 2025 the Governing Council held an exchange of views on euro area financial stability issues on the basis of the May 2025 edition of the Financial Stability Review and authorised its publication on the ECB’s website. In addition to providing an overview of key financial stability vulnerabilities in the euro area, this edition includes three special features. The first presents recent developments in crypto markets and the growing interconnectedness between the crypto-asset ecosystem and the traditional financial sector. The second investigates risks to euro area financial stability from trade tensions, while the third looks into the channels through which population ageing could elevate financial stability concerns in the financial and non-financial sectors. The Financial Stability Review is scheduled to be published on the ECB’s website on 21 May 2025.

Market infrastructure and payments

Implementation of a revised framework for the central counterparties' credit facility in TARGET

On 22 April 2025 the Governing Council approved the detailed implementation approach for revising the framework applicable to central counterparties (CCPs) accessing a crisis-related credit facility in TARGET. The revised framework, which is not part of the monetary policy implementation framework, will ensure the prompt operationalisation of the liquidity backstop for eligible euro area CCPs under extreme crisis scenarios. Access will be subject to conditions to ensure that only euro area CCPs that are financially sound and have sound liquidity risk management may access the CCP credit facility. More detailed information is provided in a related press release available on the ECB’s website.