European Central Bank – annual report 2025
TA-10-2026-0034 · P10_TA(2026)0034 · PE778.306
- Adopted in plenary on · Adopted 443–71–117 · See the decision →
- Full procedure 2025/2182
Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.
This resolution on the European Central Bank's 2025 annual report addresses governance, monetary policy, and other ECB activities. It stresses the ECB's primary mandate of price stability, its independence, and accountability to Parliament.¶¶¶ It welcomes the decline in inflation and the ECB's rate cuts, but expresses concern about the high cost of living and risks of inflation resurgence. It calls for prudent, data-driven easing and a thorough assessment of past inflation causes.¶¶¶ The resolution supports reducing the ECB's balance sheet and phasing out government bond purchases, while stressing the need for high collateral standards and avoiding above-market deposit rates.¶¶¶ It addresses the ECB's secondary objective, climate change, and market neutrality, and calls for considering non-monetary policy adjustments for TARGET2 balances.¶¶¶ It welcomes the digital euro project, stresses the importance of cash and payment access, and calls for monitoring crypto-assets. It also welcomes Bulgaria's euro adoption and expresses concern about T2 system outages.¶¶¶ It supports the ECB's role in financial stability, financial literacy, simplification, and internal dialogue, and calls for gender-balanced Executive Board nominations.¶¶¶
Key points
- Recalls that the ECB's primary objective is price stability, and that it must support general EU economic policies without prejudice to that objective.¶
- Underlines the ECB's statutory independence and accountability to Parliament; stresses that it must act without political interference and remain apolitical.¶¶¶
- Invites the ECB to enhance transparency through benchmarks, model-based assumptions, and Governing Council assessments.¶
- Expresses concern about high inflation after the pandemic and invites the ECB to assess its causes and provide policy recommendations.¶
- Welcomes the decline in inflation and the 200 basis point cut in the deposit rate between June 2024 and June 2025; calls for prudent, data-driven easing.¶
- Expresses concern about the high cost of living, noting that a meal in the euro area in 2025 was one-third higher than before the pandemic, affecting low-income households.¶
- Invites the ECB to assess its symmetric inflation target and encourages periodic strategy assessments.¶
- Supports the ECB in reducing its balance sheet and phasing out government bond purchases; regrets the impact of fiscal positions on its mandate.¶
- Calls on the ECB to avoid paying deposit rates above market rates and to remove obstacles to the recovery of interbank markets.¶
- Supports including owner-occupied housing in price indices, contingent on a harmonised approach.¶
- Welcomes the digital euro and stresses its importance for EU monetary sovereignty and payment access; calls for monitoring crypto-assets.¶¶¶
- Welcomes Bulgaria as the 21st euro area member as of 1 January 2026; expresses concern about T2 system outages and calls for proper functioning.¶¶
Who is affected
- The European Central Bank and the Eurosystem, which are called on to adjust monetary policy, transparency, and operational practices.¶¶¶
- Banks and financial institutions, which may face changes in deposit rates and collateral standards.¶¶
- EU citizens, particularly low-income households, who are affected by the cost of living and payment access.¶¶
- Bulgaria, which joined the euro area on 1 January 2026.¶
Figures and deadlines
Legal basis: Articles 119, 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) TFEU; Articles 3 and 13 TEU.¶¶