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

Market operations

Review of the risk control framework for monetary policy credit operations

On 13 November 2025 the Governing Council approved a regular review of the ECB’s risk control framework for monetary policy credit operations to ensure that the framework remains protective, consistent and risk equivalent across asset classes. The changes approved in this review are mainly targeted improvements to the haircut methodology for marketable and non-marketable assets. The ECB’s legal framework will be amended accordingly before the changes enter into force. This is planned for November 2026 at the earliest to allow time for the technical implementation by the Eurosystem and the necessary preparations by counterparties. More detailed information is provided in a related press release available on the ECB’s website.

Macroprudential policy and financial stability

Financial Stability Review – November 2025

On 19 November 2025 the Governing Council held an exchange of views on the basis of the November 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 two special features. The first discusses whether the safe-haven properties of US Treasuries and the US dollar have changed since the April 2025 tariff turmoil, while the second examines the systemic risks arising from linkages between banks and non-bank financial intermediaries. The Financial Stability Review will be published on 26 November 2025 on the ECB’s website.