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

Monetary policy

Central bank compliance with prohibitions on monetary financing and privileged access

On 18 March 2026, in accordance with the Treaty on the Functioning of the European Union (TFEU) which tasks the ECB with monitoring the compliance of EU central banks with the prohibitions referred to in Articles 123 and 124 of the TFEU and the related regulations, the Governing Council approved the monitoring report covering 2025. Further information on this matter will be available in a dedicated section of the ECB’s Annual Report 2025, which will be published on the ECB’s website on 4 May 2026.

Market infrastructure and payments

Appia roadmap for Europe’s tokenised finance

On 11 March 2026, following Governing Council approval, the ECB published an Appia roadmap which provides comprehensive information about the initiative, including its objectives, timeline and methodology, and invites stakeholders to provide feedback and propose ways they could actively contribute to this initiative. A related press release, together with the material related to the public consultation to gather this feedback which runs until 22 April 2026, is available on the ECB’s website. To recall, Appia is a strategic initiative to shape the development of a European tokenised financial ecosystem in which central bank money continues to play a pivotal role. It will bring together the Eurosystem as well as public and private sector stakeholders, with the aim of building integrated, innovative and resilient tokenised wholesale financial markets in Europe.