Update
European Central Bank Updates EUREP Mechanism for International Lending
The head of the European Central Bank, Philip Lane, discussed at the CF40-Euro50 conference in Shanghai the mechanism of EUREP, through which the ECB allows international central banks access to euros under collateral. This update expands the geographical scope of the mechanism, allowing all central banks, except those banned for reasons such as financing terrorism or international sanctions, to participate. The ECB can use the funds obtained from EUREP as they see fit, without pre-established restrictions. Since the last quarter, over 30 central banks have expressed interest in the updated mechanism, with the first international participants joining by the end of October.