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

Monetary policy

Monetary policy strategy update

On 25 June 2025 the Governing Council approved the results of its 2025 monetary policy strategy assessment, following up on the strategy review conducted in 2020-21. The outcome of this assessment is summarised in a press release available on the ECB’s website together with the updated monetary policy strategy statement and the updated overview note, as well as the underlying documentation released in the form of two ECB occasional papers. A press conference was also held on 30 June 2025 in Sintra by ECB President Christine Lagarde and ECB Chief Economist Philip Lane to explain the outcome of this update on the occasion of the ECB Forum on Central Banking.

Market operations

Postponement of the implementation of the Corporate Sustainability Reporting Directive (CSRD)-linked eligibility criterion in the Eurosystem collateral framework

On 17 July 2025 the Governing Council decided to postpone the implementation of the requirement to comply with the EU’s CSRD as an eligibility criterion in the Eurosystem collateral framework for all collateral from corporate issuers or debtors within the scope of the CSRD. This decision is a result of the incomplete transposition of the CSRD by the initial deadline of July 2024 and the ongoing discussions around the review of its substantive content in the context of the European Commission’s Omnibus simplification package, both of which make a timely and orderly implementation of the CSRD-related eligibility criterion unlikely in the very near future. A new timeline for the implementation of this requirement will be communicated in due course.

Suspension of the publication of the autonomous factor forecast

On 18 July 2025 the Governing Council approved changes to the process for the preparation and publication of the autonomous factor forecast. In particular, the Governing Council decided to suspend the publication of the autonomous factor forecast on the announcement days of the main refinancing operation until further notice. This change, which aims at enhancing operational efficiency by discarding obsolete procedures, will apply as of 28 July 2025.