ECB Governing Council Approves T2 Currency Participation Agreements and Issues Key Legal Opinions, While President Lagarde Announces Resignation

On 29 October 2026, ECB President Christine Lagarde informed the Governing Council and European Council President António Costa that she will step down on 7 February 2027. The Governing Council also approved the T2 Currency Participation Agreement (CPA) for Sveriges Riksbank and an updated CPA for Danmarks Nationalbank, following a positive assessment by the Market Infrastructure Board. In addition, the Council adopted several legal opinions: CON/2026/30 on empowering a competent authority to ban management functions in credit institutions, CON/2026/31 on the governance structure and conflict‑of‑interest rules of the Central Bank of Cyprus, and CON/2026/32 on rights to use cash, access to cash, electronic payment means and free payment services. The Council also amended the Eurosystem accounting and financial reporting framework with Guideline ECB/2026/28, enhancing transparency of the consolidated annual balance sheet. Petra Senkovic was appointed Chair of the Legal Committee effective 1 November 2026.