The ECB said President Christine Lagarde will step down on 7 February 2027, as she informed the Governing Council and European Council President António Costa on 29 October 2026. On 21 October 2026 the Governing Council approved T2 Currency Participation Agreements with Sveriges Riksbank and Danmarks Nationalbank, following a positive assessment from the Market Infrastructure Board. On 22 October 2026 it adopted Guideline ECB/2026/28, which changes the Eurosystem's consolidated annual balance sheet reporting format to improve transparency on financial performance. Petra Senkovic, ECB Director General Legal Services, was appointed Chair of LEGCO from 1 November 2026, succeeding Chiara Zilioli, with a term to 31 December 2028. On 8 October 2026 the Governing Council backed extending the third phase of the ESCB's Western Balkans cooperation programme to the central banks of Moldova and Ukraine.
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Related tickers and likely impact
EUR/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/29/2026 | 1.11822 |
| Change that session | +0.25% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Monetary policy decisions
The ECB Governing Council decided to keep its three key interest rates unchanged: 2.50% on the deposit facility, 2.65% on main refinancing operations and 2.90% on the marginal lending facility. Energy prices have kept rising, posing upside risks to inflation and downside risks to growth, while underlying inflation has been broadly stable and wages show no material response yet. Financing conditions have tightened since the last meeting, which is likely to weigh on inflation and growth. The Council aims for inflation to stabilise at its 2% target in the medium term, is not pre-committing to a rate path, and stands ready to adjust all its instruments within its mandate.
- ECB President Christine Lagarde to step down in February 2027
European Central Bank (ECB) President Christine Lagarde announced she will step down as ECB President on 7 February 2027. She made the announcement in a Thursday post on X, after informing her colleagues. Lagarde will have served about seven years and three months when she leaves office.
- Euro liquidity lines and the international monetary system
ECB Executive Board member Philip R. Lane argues that international euro liquidity lines, both repo and swap, ease pressure on euro money markets when foreign demand for euro liquidity rises or cross-border flows are disrupted, protecting monetary policy transmission. The ECB has upgraded EUREP, its repo facility for central banks, giving standing access in principle to all central banks outside the euro area, except those excluded for money laundering, terrorist financing or sanctions reasons. Loans are secured by high-quality euro collateral, priced at the main refinancing rate plus a spread, run from one day to one week, and are capped at €50 billion per central bank, with drawdowns possible from Q4 2026. More than thirty central banks have shown interest, and Lane expects the facility to boost demand for euro bonds, including longer-duration and supranational debt.
- In China , ECB makes case for euro liquidity lines
ECB chief economist Philip Lane said at a closed-door event in Shanghai that providing euro liquidity lines to foreign countries could strengthen the euro's global role and extend the reach of ECB monetary policy. He said more than 30 central banks had expressed interest in the recently expanded euro liquidity facilities. Lane argued that the EUREP facility, which lets foreign central banks obtain euros against euro-denominated collateral, could boost euro area bond markets, particularly through increased purchases by official reserve managers. He said currency swap arrangements should be reserved for central banks in economies with close financial links to the euro area and a clear capacity to repay euro liabilities. The remarks come as policymakers globally question the long-term dominance of the dollar amid unpredictable economic policy from US President Donald Trump.
- Philip R. Lane: Euro liquidity lines and the international monetary system
ECB Executive Board member Philip R. Lane said international liquidity lines, both repo and swap, are needed because the ECB deals only with domestic counterparties, and they help curb financial pressure on euro funding markets during shocks. The ECB has enhanced its repo facility for non-euro area central banks (EUREP), which now offers standing access in principle with a maximum line of €50 billion per central bank, priced at the main refinancing operations rate plus a spread. More than thirty central banks have shown interest in the past six months, the first foreign onboardings were completed in early October, and drawdowns are possible from the fourth quarter of 2026. Lane expects EUREP to boost demand for euro-denominated bonds from foreign central banks and improve liquidity across euro area sovereign bonds, particularly less liquid ones.
- Commentary: ECB 21 October
In the week ending 16 October 2026, the Eurosystem's net foreign currency position fell by EUR 0.1 billion to EUR 349.5 billion. The net balance of open market operations and standing facilities dropped by EUR 7.1 billion to -EUR 1,927.5 billion, mainly due to a change in the deposit facility. Base money rose by EUR 3.8 billion to EUR 3,923.5 billion. The release also breaks down securities held for monetary policy purposes by portfolio, all carried at amortised cost.
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