Changes from plenary report to adopted text

Change 1

ChangedA. whereas, according to Eurostat, EU annual inflation stood at 2.52,5 % and euro area inflation at 2.12,1 % in October 2025, as measured by the harmonised index of consumer prices;

Change 2

ChangedE. whereas the ECB’s boundaries in purchasing government debt have been widening steadily, from the Securities Market Programme to Outright Monetary Transactions, as well as the Public Sector Purchase Programme, the Pandemic Emergency Purchase Programme (PEPP) and the Transmission Protection Instrument3;Instrument;

Change 3

Added7. Echoes the statement of solidarity with the US Federal Reserve made by the ECB and central banks worldwide underlining the importance of preserving central bank independence, with full respect for the rule of law and democratic accountability;

Change 4

Added11. Expresses concern over the high cost of living, as food and energy prices have increased in Europe since the COVID-19 pandemic; notes that, on average, the price of a meal in the euro area in 2025 was one-third higher than before the pandemic, and that this has particularly affected low-income households;

Change 5

Changed20.22. Underlines that the ECB should only consider the potential effects of climate change from a price stability perspective and from within its mandate;

Change 6

Changed21.23. Notes that the concept of market neutrality is related to the principle of ‘an open market economy with free competition’; invites the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances;neutrality; highlights that such decisions must not be made at the expense of achieving the ECB’s mandate;

Change 7

Removed23. Takes note of the ongoing discussions on the digital euro;

Added25. Recalls that equal access to payment services is essential for participation in economic life; underlines that the increasing digitalisation of payments, if left exclusively to private and non-EU actors, risks creating new forms of exclusion for both users and merchants; stresses that an online and offline digital euro should contribute to safeguarding universal access to payments and broad acceptance by merchants across the EU, while fully respecting privacy and data protection standards;

Added26. Welcomes the ongoing discussions on the digital euro; underlines that, in a context of heightened geopolitical uncertainty and excessive dependence on non-EU payment infrastructures, the introduction of a digital euro, designed to complement cash and private banking services, is essential to strengthen EU monetary sovereignty, reduce fragmentation in retail payments and support the integrity and resilience of the single market;