Monetary policy

What is the ECMS project?

The Eurosystem Collateral Management System (ECMS) is a unified system for managing assets used as collateral in Eurosystem credit operations. Its launch is planned for November 2023.

Together with the other TARGET Services that the Eurosystem offers, the ECMS will ensure that cash, securities and collateral flow freely across Europe (see the section on payment systems).

The ECMS will replace the existing systems of the 19 national central banks that are currently used to manage assets used as collateral for Eurosystem credit operations.

Replacing the current fragmented and decentralised structure is in line with other Eurosystem initiatives aimed at developing common platforms and systems that work across the euro area to further consolidate and simplify the provision of market infrastructure services.

The ECMS will be made available through the Eurosystem Single Market Infrastructure Gateway (ESMIG), along with the other TARGET Services.