ECMS

Since 2018, ECMS – the Eurosystem Collateral Management System – has been under development as part of the TARGET service. The implementation of ECMS supports the objective of using a single Eurosystem-wide system for managing collateral in Eurosystem credit operations, allowing various types of collateral to be used freely across Europe. It also helps avoid duplication of activities related to the development and changes in collateral management across different central banks, while harmonizing conditions for monetary policy counterparties in different countries. The deadline for the implementation of ECMS is June 2025.

You can read more about ECMS on the European Central Bank’s website (in English)