TheEurosystem Collateral Management System (ECMS) is a unified platform forcollateral management in theEurosystem, intended to support the effectiveness ofmonetary policy in theeuro area. It is one of the Eurosystem'sTARGET Services, together withT2 for large payments,TARGET Instant Payment Settlement (TIPS) forinstant payments, andTARGET2-Securities (T2S) for securities settlement.[1]
The ECMS was implemented on 16 June 2025, replacing the national collateral management systems that have been operated since the inception ofeconomic and monetary union by eachNational Central Bank.[2]
The ECMS project has been jointly developed by theBank of France andBank of Spain on behalf of theEurosystem.[3] Its start had originally been scheduled in late 2022,[4]: 201 but was subsequently postponed several times.[5]
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