Eurosystem has started onboarding process of non-euro area central banks to enhanced repo facility (EUREP), with drawings possible as of Q4 2026
EUREP to be implemented by five national central banks and coordinated by the ECB
The Governing Council of the European Central Bank (ECB) today decided on the operational features and onboarding for the enhanced EUREP announced on 14 February. The new facility supports the smooth transmission of monetary policy and also reinforces the international role of the euro. It will be operated by five national central banks (the Deutsche Bundesbank, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank) under the coordination of the ECB.
Onboarded central banks will receive euro liquidity in the form of loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread set by the Governing Council to preserve the backstop character of the facility. The maturity of a single transaction will range from one day to one week and may be extended. The maximum line size per individual central bank is EUR 50 billion. Appropriate risk mitigants are in place to adequately protect the Eurosystem.
The enhanced facility provides standing access and is in principle open to all central banks and monetary authorities outside the euro area, unless excluded on the grounds of, in particular, money laundering, terrorist financing or sanctions. Onboarded central banks can use EUREP funds flexibly, without ex ante restrictions. After completing the onboarding process, central banks will be able to draw from the facility as of Q4 2026.
The ECB will publish the total daily amount of liquidity provided under EUREP and swap lines every week.
For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
24th July 2026
Ireland to align Furniture Safety Requirements with EU General Product Safety Regulation
The Minister for Enterprise, Tourism and Employment, Peter Burke, announced the revocation of the Industrial Research and Standards (Fire Safety) (Domestic Furniture) Order 1995, marking an important step in the modernisation of Ireland’s furniture product framework.
The change will align Ireland’s approach to furniture product safety with the European Union’s General Product Safety Regulation (GPSR), which has been applicable since 13 December 2024. GPSR established a comprehensive framework to ensure that only safe consumer products are placed on the EU market.
Safety Remains the Priority
Announcing the change, Minister Burke said:
“Consumer safety remains our overriding priority. This decision does not reduce the requirement for furniture sold in Ireland to be safe. Rather, it modernises our regulatory framework by aligning it with the comprehensive product safety regime that now applies across the European Union.
“The General Product Safety Regulation places clear legal responsibilities on manufacturers, importers and distributors and provides robust mechanisms for market surveillance, enforcement and product recalls where risks arise.”
The Department noted that Ireland’s furniture flammability requirements were developed more than 30 years ago and are among the more distinctive national requirements operating within Europe. Stakeholders have highlighted that compliance with these requirements can create additional costs for manufacturers and may discourage some products available elsewhere in Europe from being supplied to the Irish market.
Reflecting Modern Scientific Understanding The Department also noted that international discussion on furniture flammability regulations has increasingly considered the balance between fire safety, chemical safety and environmental protection. Some flame-retardant chemicals historically used in furniture and upholstery products have been associated with health and environmental concerns, leading to increased scrutiny of their use by regulators and public health bodies internationally.
Certainty for Business The Department emphasised that the revocation of the 1995 Order will not require businesses to withdraw products that are already being lawfully supplied to the Irish market.
Businesses will be able to continue selling existing furniture products, provided those products comply with the GPSR and any other applicable legal requirements. The change removes a distinct national furniture flammability requirement and supports greater alignment with product safety standards across the European Union.
Under the GPSR, enforcement authorities retain extensive powers to investigate potentially unsafe products, require corrective measures, order recalls and remove dangerous products from the market.
Minister Burke said:
“This change provides greater certainty for businesses operating across the European market. Products that comply with EU product safety requirements can continue to be supplied to consumers in Ireland, while maintaining strong protections for consumer”.
Ends
Notes for Editors
The Industrial Research and Standards (Fire Safety) (Domestic Furniture) Order 1995 (S.I. No. 316 of 1995) introduced specific national flammability requirements for domestic upholstered furniture.
The General Product Safety Regulation (EU) 2023/988 establishes a modern EU-wide framework to ensure that consumer products placed on the market are safe.
Businesses supplying products to consumers in Ireland remain subject to applicable EU and national product safety requirements.
Headline inflation expectations broadly unchanged, core inflation expectations revised up for 2026 only
Real GDP growth expectations revised down for 2026 and 2027, remained unchanged for 2028 and revised down slightly in the longer term
Unemployment rate expectations revised up slightly for 2027 and 2028
Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), stood at 2.7% for 2026, 2.2% for 2027 and 2.0% for 2028. Compared with the previous round, these expectations were unchanged for 2026 and 2028 and revised up by 0.1 percentage points for 2027. Expectations for HICP inflation excluding food and energy (HICPX) stood at 2.4% for 2026, 2.2% for 2027 and 2.1% for 2028. These expectations for 2026 were revised up by 0.2 percentage points, in line with the latest available data, bringing them closer to the June 2026 Eurosystem staff projections, while expectations for 2027 and 2028 were unchanged. Longer-term expectations (for 2031) remained at 2.0% for both headline and HICPX inflation. Responses to a special question on to the war in the Middle East suggested limited expected indirect and second-round effects, which were concentrated in 2026. For inflation, the balance of risks was tilted somewhat to the upside in 2026 and more balanced thereafter.
Respondents expected real GDP growth of 0.6% in 2026, 1.2% in 2027 and 1.3% in 2028. Expectations were revised down by 0.4 percentage points for 2026 and by 0.1 percentage points for 2027 compared with the previous survey, and were unchanged for 2028. Longer-term growth expectations (for 2031) were revised down by 0.1 percentage points to 1.2%.
Unemployment rate expectations were slightly higher. Respondents expected the unemployment rate to stand at 6.3% in 2026 and 2027, before declining to 6.2% in 2028 and 6.1% in the longer term.
median consumer perceptions of inflation over the past 12 months decreased significantly, as did median expectations for inflation over the next 12 months. Median expectations for inflation three years ahead decreased slightly, while median expectations for inflation five years ahead remained unchanged;
expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months decreased;
expectations for economic growth over the next 12 months became less negative, and the expected unemployment rate in 12 months’ time decreased;
expectations for growth in the price of homes over the next 12 months decreased, while expectations for mortgage interest rates in 12 months’ time increased.
Inflation
In June the median rate of perceived inflation over the previous 12 months decreased to 3.6%, from 4.0% in May. Median expectations for inflation over the next 12 months also decreased, down to 3.0%, from 3.5%, as did expectations for inflation three years ahead, which declined to 2.8%, from 2.9%. Expectations for inflation five years ahead remained unchanged, at 2.4%. Uncertainty about expectations for inflation over the next 12 months decreased for the second consecutive month, but remained higher than the level prevailing before the start of the war in the Middle East. Respondents in lower-income quintiles continued to report higher inflation perceptions and expectations, on average, than those in higher-income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70).
Expectations for economic growth over the next 12 months increased to -1.4%, from -1.7% in May. Expectations for the unemployment rate 12 months ahead decreased to 11.2%, from 11.3% in May. As observed in previous months, lower-income households expected the highest unemployment rate 12 months ahead (13.8%), while higher-income households expected the lowest rate (9.7%). Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.7%), suggesting a broadly stable labour market outlook.
In June consumers expected the price of their home to increase by 3.4% over the next 12 months, compared with 3.6% in May. As in previous months, expectations for home price growth over the next 12 months in the lowest income quintile (3.7%) remained higher on average than in the highest quintile (3.2%). Expectations for mortgage interest rates over the next 12 months increased to 5.0%, from 4.9% in May. As in previous months, lower-income households expected the highest mortgage interest rates 12 months ahead (5.8%), while higher-income households expected the lowest rates (4.4%). The net percentage of households reporting a tightening (relative to those reporting an easing) of access to credit over the previous 12 months declined in June, as did the net percentage of households expecting tighter credit conditions (relative to those expecting an easing) over the next 12 months.
The microdata underlying the aggregate results are available in the Data and methodological information section of the Consumer Expectations Survey (CES) web page.
The release of the CES results for July is scheduled for 21 August 2026.
For media queries, please contact:Benoit Deeg, tel.: +49 172 1683704.
Notes
The fieldwork for the latest CES wave was carried out between 4 and 29 June 2026.
The main aggregate results for individual countries and the euro area are published on the ECB Data Portal and on the ECB’s website every month.
The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The results are used for policy analysis and complement other data sources used by the ECB.
New electricity and gas market rules are taking effect across the EU. They aim to make Europe’s energy system cleaner, more secure and resilient. They protect citizens from energy price spikes and give them stronger rights and control over their energy choices.
Revised electricity market rules: more choice and protection
The 2022 energy crisis exposed consumers and businesses to extreme price volatility, with record gas prices and soaring electricity bills. The reform of the EU electricity market rules aims to make the energy market more resilient, boost renewables, better protect consumers, and enhance Europe’s competitiveness.
For consumers, this means
more choice between fixed-price and dynamic price contracts, offering greater price stability and predictability
stronger safeguards when choosing or switching energy suppliers, with clearer information before signing a contract, making it easier tocompare offers and make informed choices
new opportunities to generateandshare renewable energy with neighbours and communities, allowing more people to benefit from locally produced clean electricity
stronger protection for the most vulnerable customers, including from disconnection. In times of emergency, EU countries can temporarily set prices below cost for a limited amount of electricity consumption to help keep electricity affordable
protection through a supplier of last resort if an electricity supplier fails
A cleaner and more secure European gas market
The new gas market rules support the gradual replacement of fossil gas with renewable and low-carbon gases, particularly hydrogen.
They will
create a more secure and integrated European gas market with less dependence on imported fossil fuels
strengthen consumer rights and protections, including free choice of supplier, better information on offers, and protection in case of a dispute with an energy supplier
ensure vulnerable consumers and those affected by energy poverty are particularly protected from disconnection of gas supply, including during the energy transition
support the EU’s climate goals
The new rules for the electricity market apply from 17 July 2026, while those for the gas market will apply from 5 August 2026.
People across Ireland are invited to give their feedback on the shortlisted design proposals for the next series of euro banknotes, unveiled today by the European Central Bank (ECB).
These design proposals are based on two different themes – “European culture” and “Rivers and birds” – and on the associated motifs chosen to illustrate them.
Now, everyone in Ireland and Europe is invited to have their say following the decision of the ECB’s Governing Council to run an online survey on these ten design proposals. The public survey is available now and will remain open until 21 September 2026.
Governor of the Central Bank of Ireland Gabriel Makhlouf, who sits on the ECB’s Governing Council, today said: “Euro banknotes are a powerful representation of our shared identity, diversity and values. This is an important opportunity for people to help shape the future of our currency. I encourage people in Ireland, and across Europe, to complete the survey over the coming weeks and share their views on the design proposals.”
The ECB Governing Council is expected to take the final decision on the new banknote design around the end of the year.
European Commission Press release Brussels, 23 Jul 2026 Today, the European Commission welcomes the adoption by EU Member States of the 21st package of sanctions against Russia. The package further restricts Russia’s ability to fund its illegal war and to carry out attacks on Ukrainian civilians and…
European Commission Press release Brussels, 23 Jul 2026 The Commission welcomes today’s adoption by the Council of a proposal to reinstate the interim derogation from certain provisions of the e-Privacy Directive for the purpose of combating online child sexual abuse. Today’s Council adoption includes the amendments that the European Parliament adopted in its vote on 9 July. The Commission has already given a positive opinion to the Parliament’s amendments.
Financing will support investments by small and medium-sized enterprises (SMEs), mid-caps and public-sector entities.
A fifth of the EIB financing will back green investments, including energy-efficient buildings and renovation projects
Strong focus on SMEs and mid-caps to improve access to long-term financing.
Austrian businesses will benefit from additional support for investments in growth, innovation and sustainability. The European Investment Bank (EIB) and Hypo Tirol Bank are making a total of €100 million available to small and medium-sized enterprises (SMEs), mid-caps and public sector entities.
The EIB is providing a €50 million loan to Hypo Tirol Bank, which the bank will match with an additional €50 million of its own financing. The funds will be on-lent by Hypo Tirol Bank to support projects that strengthen innovation, competitiveness and sustainable growth. For Hypo Tirol Bank, a particular priority is financing investments that reinforce regional value creation and support economic development in its core market of Tyrol.
At least 60% of the EIB loan will be allocated to SMEs, which form one of the key pillars of Austria’s economy. In addition, 20% of the EIB financing will be earmarked for climate action projects, including investments to improve the energy efficiency of buildings. Eligible investments include projects in tourism, hospitality and regional medium-sized businesses.
Against the backdrop of higher financing costs and tighter lending standards, the programme will improve access to long-term capital. Between 2026 and 2030, the EIB funds will be made available on favourable terms, offering lower interest rates and longer maturities than those generally available on the market. The financing is primarily targeted at SMEs and mid-caps, which rely heavily on bank lending to finance their investments.
“SMEs and mid-caps are the backbone of Austria’s economy and create jobs, drive innovation and strengthen Europe’s competitiveness,” said EIB Vice-President Karl Nehammer. “Access to financing is essential to enable businesses to invest and grow.”
“Tyrol’s economic strength is built by the businesses that operate across the region. Today, many companies face the challenge of making essential investments in a demanding economic environment. With the EIB as our partner, we can offer businesses attractive long-term financing solutions. This creates the room needed for investments that strengthen competitiveness, safeguard jobs and generate growth, value creation and prosperity throughout the region,” said Andreas Stadler, Member of the Management Board of Hypo Tirol Bank.
The financing agreement was signed today on the sidelines of the Salzburg Summit, a high-level economic conference held in Salzburg.
The new agreement builds on the long-standing partnership between the EIB and Hypo Tirol Bank. Over the past two decades, the two institutions have worked together on several occasions to improve Austrian SMEs’ and mid-caps’ access to long-term financing.
Background information
EIB Group
The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees, securitisation and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.
With the support of all 27 EU governments, the EIF has joined forces with institutional investors in a pan-European alliance to mobilise up to €80 billion for investment into innovative companies scaling up to become global leaders. The joint effort will expand the size and scope of the highly successful European Tech Champions Initiative, which has helped create 15 European mega-funds and scale 45 companies, including 12 unicorns, since being established three years ago.
High-quality, up-to-date photos of our headquarters for media use are available here.
Hypo Tirol Bank AG
Hypo Tirol Bank AG is the regional bank of the Austrian federal state of Tyrol, providing financing, investment and wealth planning services to private individuals, businesses, self-employed professionals and public sector institutions. The diverse needs of its customers are reflected in its specialised advisory and competence centres. Private customers are served through the bank’s regional branches, while dedicated competence centres provide tailored expertise to businesses of all sizes, self-employed professionals, public sector institutions and high-net-worth clients.
As an independent universal bank with a strong regional focus, Hypo Tirol Bank combines personalised advice with digital services and plays an important role in supporting economic
The Council adopted a 21st package of economic and individual restrictive measures designed to target the sectors with the greatest impact on Russia’s economy and its ability to fuel its war of aggression against Ukraine. The package includes the largest batch of individual listings of the last four years.