The Parliament adopted its annual review of the ECB’s policies and recommendations for 2026 following a debate with President Christine Lagarde. MEPs reaffirmed that the ECB’s independence is essential to maintaining price stability and must be protected from political pressure, while also stressing that independence must go hand in hand with accountability.

The report supports the development of the digital euro to strengthen EU monetary sovereignty and reduce reliance on non-EU payment providers, while emphasizing the continued importance of cash and closer monitoring of crypto-assets.

On inflation, MEPs argue that price stability should have been restored more quickly during the recent surge and call on the ECB to analyse the causes of persistent inflation. They highlight the rising cost of living, particularly food and energy prices, which have hit low-income households hardest. Any further monetary easing, they say, should be cautious and data-driven.