What Changed
- Adoption of Guidelines ECB/2026/26 and ECB/2026/27 amending the Eurosystem monetary policy framework and valuation haircuts, applying from 30 November 2026.
- Designation of Visa Europe Payment System as a systemically important payment system under Decision ECB/2026/22, placing it under Eurosystem oversight led by the ECB.
- Approval of the legal framework and launch agreement for Pontes to settle wholesale tokenised asset transactions in central bank money, with go-live scheduled for 21 September 2026.
The European Central Bank (ECB) Governing Council released a summary of non-rate decisions covering monetary policy implementation, market infrastructure, macroprudential oversight, and supervisory administrative frameworks.
Key measures impact commercial banks, payment system operators, technology firms, and market participants operating within or interacting with the euro area financial system.
**Monetary Policy Framework and Payment Systems**
On 22 September 2026, the Governing Council adopted Guideline ECB/2026/26 (amending Guideline (EU) 2015/510) and Guideline ECB/2026/27 (amending Guideline (EU) 2016/65 on valuation haircuts). These amendments apply from 30 November 2026. In market infrastructure, the Governing Council adopted Decision ECB/2026/22 on 24 August 2026, identifying the Visa Europe Payment System as a systemically important payment system (SIPS) pursuant to Regulation (EU) 2025/1355. Notified to the German branch of Visa Europe Limited as operator, Visa Europe Payment System will now be overseen by the Eurosystem with the ECB acting as lead overseer.
Additionally, on 11 August 2026, the Governing Council approved an agreement governing the initial launch of Pontes—a solution enabling wholesale transactions in tokenised assets to be settled in central bank money—setting a binding legal framework and contract templates for Eurosystem central banks, market participants, and distributed ledger technology (DLT) operators. The go-live was recommended for 21 September 2026. On 24 September 2026, the ECB also approved assessing the feasibility of interlinking the TARGET Instant Payment Settlement (TIPS) platform with Brazil's instant payment system, Pix.
**Digital Euro and Supervisory Governance**
Regarding the digital euro project, the ECB launched calls for expression of interest for e-commerce and m-commerce merchants (deadline 27 October 2026) and private companies exploring infrastructure collaboration (deadline 9 November 2026). Pilot usability and accessibility testing is slated to start in 2027.
In supervisory matters, the Governing Council did not object on 30 July 2026 to Supervisory Board Decision ECB/2026/18 on data protection arrangements, establishing joint controller responsibilities between the ECB (under Regulation (EU) 2018/1725) and national competent authorities (under Regulation (EU) 2016/679). On 21 August 2026, the Governing Council adopted delegation Decisions (EU) 2026/2036 (ECB/2026/19), (EU) 2026/2037 (ECB/2026/20), and (EU) 2026/2038 (ECB/2026/21) concerning group recovery plan assessments and credit risk rating system changes, followed by Executive Board nominations on 1 September 2026 (Decisions (EU) 2026/2039 and (EU) 2026/2040).
Who May Be Affected
Euro area credit institutions, payment system operators, financial market infrastructure participants, e-commerce merchants, DLT operators, and banking supervisors across the EU.
Cross-Border Context
Applies across the EU/Eurozone, directly affecting international payment networks operating in Europe (e.g., Visa Europe Limited), non-euro central banks (Iceland), and prospective cross-border payment interlinking with non-EU systems like Brazil's Pix.
What to check next
- Review the specific provisions of Guidelines ECB/2026/26 and ECB/2026/27 on EUR-Lex or the ECB website prior to the 30 November 2026 application date.
- Monitor application deadlines for the digital euro calls for expression of interest (27 October and 9 November 2026).
- Follow updates on the feasibility assessment regarding TIPS interlinking with Brazil's Pix system.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.