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Anne-Lise Nguyen

20 June 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 4, 2022
Details
Abstract
The €STR, launched in October 2019, is the official euro-denominated risk-free benchmark interest rate. It fully replaced EONIA from January 2022, after a transition period of more than two years. The article explains what benchmark rates are, why they are important for financial markets and why the ECB needs robust and reliable benchmark rates from a monetary policy perspective. It provides an overview of the close cooperation with market participants, the creation and main features of the €STR, how it is calculated on the basis of MMSR data, the robustness of its production and overall framework and the transparency policy on errors.
JEL Code
E49 : Macroeconomics and Monetary Economics→Money and Interest Rates→Other