What Changed
- ECB President Christine Lagarde announced her departure effective 7 February 2027, and Petra Senkovic was appointed Chair of the ECB Legal Committee.
- The ECB adopted Guideline ECB/2026/28 amending the Eurosystem accounting framework and approved T2 Currency Participation Agreements with Sveriges Riksbank and Danmarks Nationalbank.
- The Governing Council adopted legal opinions CON/2026/30, CON/2026/31, and CON/2026/32 and extended the ESCB capacity-building programme to Moldova and Ukraine.
Central banks, credit institutions, financial market infrastructure operators, and legal professionals operating within the European Union and internationally are affected by a series of decisions taken by the Governing Council of the European Central Bank (ECB) published on 30 October 2026. These decisions cover leadership transitions, payment infrastructure, regulatory opinions, accounting frameworks, and international cooperation.
First, ECB President Christine Lagarde informed the Governing Council and European Council President António Costa on 29 October 2026 that she will step down on 7 February 2027. Additionally, Petra Senkovic was appointed Chair of the ECB Legal Committee (LEGCO) effective 1 November 2026 through 31 December 2028, succeeding retiring Chair Chiara Zilioli.
Second, regarding market infrastructure, the Governing Council approved T2 Currency Participation Agreements (CPAs) with Sveriges Riksbank on 21 October 2026 following a positive assessment by the Market Infrastructure Board, along with an updated T2 CPA with Danmarks Nationalbank.
Third, the ECB adopted several legal opinions in October 2026: Opinion CON/2026/30 concerning powers under the Market Abuse Regulation to impose management bans in credit institutions (requested by Belgium); Opinion CON/2026/31 on governance and conflict of interest rules at the Central Bank of Cyprus; and Opinion CON/2026/32 on cash access, electronic payment means, and free payment services (requested by Slovenia).
Fourth, on 22 October 2026, the Governing Council adopted Guideline ECB/2026/28, amending Guideline (EU) 2024/2941 on the ESCB accounting and financial reporting framework. The amending Guideline introduces a new reporting format for the Eurosystem's consolidated annual balance sheet, altering categorisations under 'Sundry', 'Reserves', 'Accumulated losses carried forward', and 'Profit/(loss) for the year'.
Finally, on 8 October 2026, the Governing Council endorsed extending the ESCB cooperation programme for central bank capacity building to the central banks of Moldova and Ukraine alongside the Western Balkans.
Who May Be Affected
Central banks, credit institutions, payment system participants, financial market infrastructures, and legal counsel in the European Union and partner jurisdictions.
Cross-Border Context
Connects EU central bank governance and market infrastructure to non-euro national central banks (Sweden, Denmark) and neighboring EU partner states (Moldova, Ukraine, Western Balkans).
What to check next
- Monitor EUR-Lex for the publication of Guideline ECB/2026/28
- Check official ECB updates regarding the succession process for the ECB Presidency
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.