What is the ECMS?
The ECMS will be the unified Eurosystem platform, replacing the 21 monetary policy collateral management systems currently used by Eurosystem national central banks (NCBs).
The platform will be used to settle Eurosystem credit operations. It will use harmonised procedures to manage assets pledged as collateral by credit institutions to NCBs, both for these credit operations and for the intraday credit line.
It is designed to enhance the effectiveness of national and cross-border collateral mobilisation and liquidity management in order to consolidate Europe’s financial market infrastructure.