The European Central Bank has adopted changes to the guidelines that govern how monetary policy is carried out across the euro area, with the amendments due to apply from 30 November 2026.
The ECB’s Governing Council agreed the amendments on 22 September, updating two sets of rules that form part of the Eurosystem’s monetary policy framework — the operational toolkit used by the ECB and euro-area national central banks to steer interest rates and manage liquidity in the banking system — the ECB informed on Friday.
The changes are set out in Guideline ECB/2026/26, which amends an earlier guideline on implementing the monetary policy framework, and Guideline ECB/2026/27, which amends rules on “valuation haircuts” — reductions applied to the value of assets used as collateral in central bank operations.
Digital euro pilot and banknote redesign survey
Separately, the ECB said it has invited e-commerce and mobile commerce merchants operating in the euro area to apply to take part in a digital euro pilot, with applications due by 27 October 2026.
A second call for expressions of interest was issued on 28 September, inviting private companies and organisations to collaborate on exploring how digital euro infrastructure could support innovation efforts, with a deadline of 9 November 2026.
Almost 10 million people across Europe and beyond completed an ECB survey on the future design of euro banknotes, which ran from 23 July to 21 September 2026, representing 2.6% of the euro area population.
