What changed
Adds a solidarity statement with the US Federal Reserve and a concern about high living costs. #3#4 Tightens the ECB's climate mandate to price stability only and adjusts market neutrality language. #5#6 Expands the digital euro section, emphasizing inclusion and EU sovereignty. #7 The other changes are formal: punctuation and decimal separators. #1#2
5 changes of substance, plus 2 formal. Each change below carries a one-line ✦ note from the same model. Written from the two texts only — read the highlighted passages before relying on it.
The changes to the text itself, in document order. Cover page, citations (“having regard to …”), standard resolution paragraphs and punctuation-only edits are left out — they are in “Show every difference”.
Change #3 Substance
Adds a paragraph echoing solidarity with the US Federal Reserve and stressing central bank independence.
7. Echoes the statement of solidarity with the US Federal Reserve made by the ECB and central banks worldwide underlining the importance of preserving central bank independence, with full respect for the rule of law and democratic accountability;
Change #4 Substance
Adds a paragraph expressing concern over high cost of living, noting meal prices one-third higher than pre-pandemic.
11. Expresses concern over the high cost of living, as food and energy prices have increased in Europe since the COVID-19 pandemic; notes that, on average, the price of a meal in the euro area in 2025 was one-third higher than before the pandemic, and that this has particularly affected low-income households;
Change #5 Substance
Adds 'only' to specify that the ECB should consider climate effects solely from a price stability perspective.
20.22. Underlines that the ECB should only consider the potential effects of climate change from a price stability perspective and from within its mandate;
Change #6 Substance
Removes 'in several instances' and adds 'as apolitical as possible' regarding market neutrality.
21.23. Notes that the concept of market neutrality is related to the principle of ‘an open market economy with free competition’; invites the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances;neutrality; highlights that such decisions must not be made at the expense of achieving the ECB’s mandate;
Change #7 Substance
Replaces a brief note on digital euro discussions with two paragraphs stressing universal access and EU monetary sovereignty.
23. Takes note of the ongoing discussions on the digital euro;
25. Recalls that equal access to payment services is essential for participation in economic life; underlines that the increasing digitalisation of payments, if left exclusively to private and non-EU actors, risks creating new forms of exclusion for both users and merchants; stresses that an online and offline digital euro should contribute to safeguarding universal access to payments and broad acceptance by merchants across the EU, while fully respecting privacy and data protection standards;
26. Welcomes the ongoing discussions on the digital euro; underlines that, in a context of heightened geopolitical uncertainty and excessive dependence on non-EU payment infrastructures, the introduction of a digital euro, designed to complement cash and private banking services, is essential to strengthen EU monetary sovereignty, reduce fragmentation in retail payments and support the integrity and resilience of the single market;