The European Central Bank approved a set of Governing Council measures spanning financial stability publications, market infrastructure and banking supervision. The package authorises publication of the May 2026 Financial Stability Review, revises T2/Real-Time Gross Settlement pricing from 1 July 2026, updates the TARGET rulebook, and releases supervisory material on climate and nature risks, sanctioning activity and European Banking Authority guideline compliance. The Financial Stability Review examines euro area vulnerabilities and adds special features on artificial intelligence-based sentiment analysis, the gap between rising corporate bankruptcies and still low aggregate bank non-performing loan ratios, macroprudential effects on household credit and house prices, and financial system exposures to private credit. For TARGET services, the new T2/RTGS pricing policy raises fixed monthly fees for dedicated cash accounts and recalibrates volume-based pricing bands to support full cost recovery by 2038. Amendments to the TARGET Guideline add the European Payment Council’s One-Leg Out Instant Credit Transfer scheme to TARGET Instant Payments Settlement and incorporate the fee changes. The ECB also approved publication of its June 2026 report on the international role of the euro, covering use of the currency by non-euro area residents in 2025, and renewed the Market Infrastructure Board for the 1 June 2026 to 31 May 2029 term with Thomas Vlassopoulos as chair and Inge van Dijk as deputy chair. On supervision, the ECB published good-practice reports on climate and nature risk management and related stress testing, and notified the European Banking Authority that it complies, for directly supervised significant institutions, with updated guidelines on third-country confidentiality equivalence, now expanded for Markets in Crypto-Assets Regulation secrecy requirements, and with guidelines on proportionate retail diversification methods that determine access to the preferential 75% risk weight for qualifying retail exposures. The 2025 Single Supervisory Mechanism sanctioning report records 370 proceedings, 66% completed during the year, 152 administrative penalties and about EUR 57.15 million in fines, the highest total in the last five years. The Financial Stability Review is scheduled for publication on 27 May 2026, the international role of the euro report on 2 June 2026, and the Market Infrastructure Board will conduct a full review of T2/RTGS pricing in 2028.
European Central Bank2026-05-22
European Central Bank authorises Financial Stability Review publication and revises T2 RTGS pricing from 1 July 2026
The European Central Bank approved Governing Council measures on financial stability publications, TARGET services and banking supervision, including the May 2026 Financial Stability Review, revised T2/Real-Time Gross Settlement pricing and TARGET rulebook changes, and new supervisory material on climate and nature risks, sanctioning activity and European Banking Authority guideline compliance. The new T2/RTGS pricing raises fixed monthly fees and recalibrates volume-based bands to support full cost recovery, while TARGET amendments add the European Payment Council’s One-Leg Out Instant Credit Transfer scheme. The ECB also approved publication of its June 2026 report on the international role of the euro and reported 370 sanctioning proceedings and EUR 57.15 million in fines in the 2025 Single Supervisory Mechanism sanctioning report.