The European Central Bank (ECB) published its October roundup of Governing Council decisions outside interest rate setting, reporting that President Christine Lagarde will step down on 7 February 2027, as announced on 29 October. On payments infrastructure, the Council approved a currency participation agreement allowing Sweden’s central bank, Sveriges Riksbank, to use T2 services. It also approved an updated agreement with Denmark’s central bank, Danmarks Nationalbank, incorporating changes introduced during the Swedish onboarding. Both agreements have been signed. The Council adopted an accounting guideline requiring a revised format for the Eurosystem’s consolidated annual balance sheet. The changes affect the categorisation of sundry items, reserves, accumulated losses carried forward and annual profit or loss, making the Eurosystem’s financial performance more transparent. This advances the decision approved in principle in May to present annual results and accumulated losses as separate balance sheet positions. The Council also supported extending the European System of Central Banks’ cooperation programme for strengthening central bank capacities in the Western Balkans to include Moldova and Ukraine. The programme’s third phase began in 2026 for a period of three years. It will now comprise separate regional components for Moldova and Ukraine and for the Western Balkans.
ECB reports Lagarde’s departure on 7 February 2027 and approves T2 and balance sheet changes
The European Central Bank’s October decisions roundup reports President Christine Lagarde’s previously announced departure on 7 February 2027. The Governing Council approved T2 participation agreements with Sweden’s and Denmark’s central banks and adopted Eurosystem balance sheet changes following approval in principle in May. It also backed extending central bank capacity cooperation to Moldova and Ukraine.