On 25 October 2019 the Governing Council approved a revised Agreement on Net Financial Assets (ANFA). ANFA is an agreement between the national central banks (NCBs) of the euro area and the ECB that sets rules and limits for non-monetary policy holdings related to the national tasks of the NCBs. ANFA is reviewed at least every five years. This year’s revisions are mainly limited to ensuring the consistency of the agreement with the monetary policy environment of excess liquidity for the foreseeable future and to introducing necessary operational refinements. The revised ANFA is available on the ECB’s website. On 13 ... (full story)