In November 2025, the ECB Governing Council approved updates on market operations, financial stability, payment systems, legislation, corporate governance, statistics, banking supervision, and more.
On 13 November 2025, the Governing Council approved a review of the ECB’s risk control framework for monetary policy credit operations. The changes focus on improving the haircut methodology for assets, with amendments to the legal framework planned for November 2026.
On 19 November 2025, the Council discussed the November 2025 Financial Stability Review, which highlights vulnerabilities in the euro area and includes analyses of US Treasuries and systemic bank risks. The review will be published on 26 November 2025.
Also on 13 November, the Council approved the outcome of the 2024 payment system classification exercise, which categorizes payment systems based on their systemic importance. The results will be published later.
On 19 November, the Council approved next steps for the Eurosystem Appia initiative, aiming to establish a European tokenized wholesale financial ecosystem, with a launch paper expected in the first quarter of 2026 and operational features by the third quarter of 2026.
The Council decided to proceed with interlinking TARGET Instant Payment Settlement (TIPS) with India’s Unified Payments Infrastructure (UPI), expected to be completed by the end of 2026, pending legal agreements. It also authorized exploration of linking TIPS with Nexus Global Payments (NGP), a multilateral fast payment system based in Singapore.
Regarding legislation, the Council adopted several opinions, including on the independence of Banka Slovenije’s Governing Board members, the Pericles V anti-counterfeiting program, securitization frameworks, the supervisory independence of Banca d’Italia, and EU economic governance simplifications.
In corporate governance, the Council approved guiding principles for ethical AI use, extended mandates for Eurosystem/ESCB committees until 2028, and reappointed members of the ECB’s Ethics and Audit Committees.
On statistics, the Council approved the 2024 quality report on euro area monetary and financial statistics, to be published on 9 December 2025.
In banking supervision, the ECB announced the publication of the 2025 SREP methodologies, imposed a €405,000 penalty on AS LHV Group for risk reporting miscalculations, and approved the publication of the ECB Short Term Exercise reporting package. The outcome of the 2025 risks and priorities exercise was also published, along with periodic penalty payments of €187,650 on ABANCA for non-compliance with climate risk requirements.
All decisions and detailed information are available on the ECB’s official website.
