March 2026

20 March 2026

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…