The global financial crisis has been a driver of change in most, if not all, areas of the financial world and thus has also called for Eurosystem policy responses in the context of its collateral framework. During the various phases of the ongoing financial crisis, the Eurosystem has drawn on the flexibility of its collateral framework, either by means of temporary measures or by implementing changes to the standard Eurosystem collateral framework, in order to avoid widespread collateral constraints in its continued efforts to support bank lending and liquidity in the euro area money market. This article reviews the ways in which Eurosystem collateral policies have been changed on several occasions as a direct consequence of the crisis in order to address and mitigate market malfunctions in a timely manner, but also in response to modifications to the Eurosystem risk control framework, echoing, to some extent, the lessons learned during the financial crisis. Moreover, this article illustrates the ways in which the ECB’s actions have affected developments in the size and composition of Eurosystem collateral in terms of both eligible and used1 assets.