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

External communication

ECB Annual Report 2025

On 17 April 2026 the Governing Council adopted the ECB’s Annual Report 2025, which was presented to the Committee on Economic and Monetary Affairs of the European Parliament and made available on the ECB’s website on 4 May 2026, in 23 of the official languages of the European Union.

Market operations

Amending Decision on the remuneration of holdings of excess reserves and of certain deposits

On 26 March 2026 the Governing Council adopted Decision ECB/2026/10 amending Decision (EU) 2019/1743 on the remuneration of holdings of excess reserves and of certain deposits (ECB/2019/31). The amending Decision legally implements the policy decision taken by the Governing Council on 11 December 2025 to simplify the remuneration of excess reserves (reserve holdings that exceed the amount of minimum reserves required in accordance with Regulation ECB/2021/1) held by eligible monetary policy counterparties in their reserve accounts at the relevant NCBs. Excess reserves, irrespective of whether or not they are actually deposited in the deposit facility or in the eligible monetary policy counterparties’ reserve accounts, will be remunerated at the same rate, namely at the deposit facility rate. The new remuneration will apply as of 17 June 2026 (i.e. the start of the fourth maintenance period for 2026). 

Macroprudential policy and financial stability

Report of the High-level task force on non-bank financial intermediation

On 26 March 2026 the Governing Council took note of the report on non-bank financial intermediation for publication on the ECB’s website. The report, prepared by a high-level task force under the aegis of the Financial Stability Committee, sets out proposals to enhance the policy framework for non-bank financial intermediation from a macroprudential perspective, with a particular focus on asset management. The report, which will be available shortly on the ECB’s website, expands on the Eurosystem response to the European Commission’s consultation on macroprudential policies for non-bank financial intermediation, published in November 2024. 

ECB report on financial integration and structures in the euro area

On 9 April 2026 the Governing Council approved the report on financial integration and structures in the euro area. The report presents key structural developments such as the process of financial integration, changes in financial structures and the process of financial development and modernisation. It also discusses selected financial sector policies, notably policies related to Europe’s banking union, capital markets union and savings and investments union, and thereby contributes to the debate on how European Economic and Monetary Union can be deepened. The report will be published on the ECB’s website on 7 May 2026 on the occasion of a joint ECB/European Commission conference.