This monthly ERA Policy Monitoring, Screening and Analysis Report presents key European research and innovation policy developments from May 2026, with a strong focus on open science, AI in research, EOSC, and knowledge valorisation. The report highlights updated European guidance on the responsible use of generative AI in research, new discussions on the future role of EOSC in FP10, and recent studies examining the economic impact of open access and knowledge circulation across Europe. It also features developments related to measuring knowledge valorisation and strengthening research impact through improved indicators and policy approaches. Bringing together the latest strategic initiatives, studies and policy debates, the report offers ERA stakeholders a concise overview of evolving priorities shaping the European Research Area.