Decisions Taken By The Governing Council Of The ECB (In Addition To Decisions Setting Interest Rates)

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The ECB’s Governing Council made a series of decisions from July to September 2026 on payment infrastructure, monetary-policy implementation, crypto regulation and the digital euro. Key developments include bringing Visa Europe’s payment system under Eurosystem oversight, approving work to assess a link between TIPS and Brazil’s Pix, and setting 30 November for new collateral-rule amendments to take effect.

The European Central Bank’s Governing Council has advanced several payment-system and market-rule measures, including designating Visa Europe’s payment system as systemically important and approving a feasibility assessment of links between the euro area’s TIPS platform and Brazil’s Pix. The decisions, taken between July and September and published in an ECB roundup on 2 October 2026, also set a 30 November start date for amendments to the Eurosystem’s monetary-policy implementation rules.

The Council adopted the amendments to legal acts governing the Eurosystem monetary-policy framework on 22 September. The changes amend Guideline (EU) 2015/510, which concerns implementation of the framework, and Guideline (EU) 2016/65, which covers valuation haircuts. The ECB says the amendments will apply from 30 November 2026; the roundup refers readers to a separate release for the specific changes.

On payments oversight, the Council adopted a decision on 24 August identifying the Visa Europe Payment System as a systemically important payment system under an EU regulation. The decision was notified to the German branch of Visa Europe Limited, identified as the system’s operator for the euro area. The ECB says the system will be overseen by the Eurosystem, with the ECB acting as lead overseer.

The Council also approved, on 24 September, the start of a feasibility assessment on interlinking TIPS, the Eurosystem’s instant-payment settlement platform, with Brazil’s Pix system. The ECB described the action as an assessment, not an approval to build or launch a connection. Separately, the Council approved an agreement for the initial launch of Pontes, a service intended to settle wholesale transactions in tokenised assets in central bank money. The Market Infrastructure Board recommended proceeding with Pontes’ scheduled initial launch on 21 September.

New Oversight and Cross-Border Payment Work

The Visa decision places a major payment system within a defined Eurosystem oversight framework, with the ECB serving as lead overseer. Systemic-importance identification matters because disruption to a systemically important payment arrangement could have wider consequences for payment activity and financial stability. The ECB’s roundup confirms the designation and oversight role, but does not detail in this document the specific supervisory measures that will follow.

The Pix assessment signals that the Eurosystem is examining whether its instant-payment infrastructure could connect with a widely used system outside Europe. If a link proves feasible and is later implemented, it could support transfers between the systems; however, the Council has approved only the assessment stage. No launch decision, timetable or technical design for a TIPS-Pix connection is given.

The monetary-policy amendments have a more immediate operational date: 30 November 2026. Changes to the framework’s legal acts can affect how Eurosystem operations are carried out, including the rules for collateral valuation. The ECB’s separate release is needed to establish the detailed practical effects; the summary alone does not specify which counterparties or assets will be affected.

How the Decisions Fit Together

The roundup is an account of Governing Council actions taken in addition to decisions setting interest rates. It groups developments across several ECB responsibilities rather than announcing a single policy shift. The measures range from legal rules for monetary-policy operations to oversight of payment systems and exploratory work on new settlement infrastructure.

On 11 August, the Council approved an agreement establishing a binding legal framework for the initial Pontes service. The ECB says the framework reflects the interim nature of this phase and sets terms for market participants and distributed-ledger technology operators. On 11 September, the Market Infrastructure Board recommended that the scheduled 21 September initial launch proceed. The Council’s roundup reports that recommendation but does not provide operational performance details.

Other items concern ongoing projects. In July, the ECB described planned accessibility features for a digital euro app and said usability and accessibility testing would take place as part of a pilot in 2027. Calls issued in September invited euro-area e-commerce and mobile-commerce merchants to join the pilot, and private organisations to explore possible uses of digital euro infrastructure. The application deadlines are 27 October and 9 November 2026, respectively.

The ECB also reported that almost ten million people completed its survey on future euro banknote designs. The survey ran from 23 July to 21 September, and the ECB said participation equalled 2.6% of the euro area population. The Council approved the ESCB’s response to a European Commission consultation on reviewing the Markets in Crypto-Assets Regulation (MiCAR), welcoming the review of possible improvements in light of implementation experience and market developments.

“The amendments will apply from 30 November 2026.”

— European Central Bank

Details Still Await Further Releases

The roundup does not spell out the substantive changes in the amended monetary-policy guidelines, so their operational impact cannot be determined from this summary alone. It also gives no technical findings, cost estimate or timetable for the TIPS-Pix feasibility assessment, and does not say whether a connection will be recommended.

For Visa Europe, the ECB confirms the oversight designation but does not describe the supervisory requirements or any resulting changes for merchants and payment users. Pontes is described as an initial, interim service, but the roundup does not report its usage, participating institutions or results after the scheduled launch. The digital euro remains at the pilot-planning and testing stage in the information provided; no decision to issue a digital euro is reported here.

Deadlines and Assessments Ahead

The nearest listed deadline is 27 October 2026, when applications close for euro-area e-commerce and mobile-commerce merchants seeking to take part in the digital euro pilot. Applications from private companies and organisations interested in exploring digital euro infrastructure are due by 9 November. The ECB has said usability and accessibility testing is planned as part of the pilot in 2027.

The monetary-policy guideline amendments are scheduled to apply on 30 November 2026. Separately, the ECB’s assessment will establish whether interlinking TIPS with Pix is feasible; the Council’s summary does not give a date for its outcome. Further information on banknote design is expected through the selection process described by the ECB, but the roundup does not specify a date for a final design decision.

Key Questions

What did the ECB Governing Council decide about Visa Europe?

On 24 August 2026, it identified the Visa Europe Payment System as systemically important. The Eurosystem will oversee it, with the ECB acting as lead overseer.

Has the ECB approved a link between TIPS and Brazil’s Pix?

No. On 24 September, the Council approved the start of an assessment of feasibility. The announcement does not confirm that a connection will be built or say when a decision might follow.

When do the monetary-policy framework amendments take effect?

The amendments to the relevant Eurosystem guidelines are scheduled to apply from 30 November 2026. The ECB roundup points to a separate release for details of the changes.

What are the digital euro application deadlines?

Euro-area e-commerce and mobile-commerce merchants can apply to join the pilot by 27 October 2026. Private companies and organisations responding to the separate invitation to explore digital euro infrastructure have until 9 November 2026.

Source: primary