www.ecb.europa.eu
November 2025
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…