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Vladimir Tsonchev
- 29 June 2023
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 4, 2023Details
- Abstract
- This box describes liquidity conditions and the Eurosystem’s monetary policy operations during the first and second maintenance periods of 2023, from 8 February to 9 May 2023.
- JEL Code
- E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 20 June 2022
- ECONOMIC BULLETIN - ARTICLEEconomic Bulletin Issue 4, 2022Details
- 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
- 25 November 2020
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2020Details
- Abstract
- Market participants have been slow in transitioning to the euro short-term rate (€STR) as the new reference rate in the overnight index swap (OIS) market. The OIS market segment is a potential source of alternative risk-free interest rates to serve as a fall-back for the euro interbank offered rate (EURIBOR), the benchmark term rate underlying loan and debt security pricing for euro area households and corporates. The euro overnight index average (EONIA) rate is due to cease in January 2022. But trading activity in €STR-referencing OISs, although constantly growing, has remained at very low levels compared with EONIA-referencing OISs. Moreover, EONIA OIS trades that mature after the transition deadline have continued to rise. Market participants are encouraged are encouraged to redouble their efforts to ensure sufficient technical preparedness to trade, price and account for €STR-based products and manage risk related to usage of the €STR.
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
- 7 November 2019
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 7, 2019Details
- Abstract
- Box about the start of the overnight benchmark rate for euro, the €STR.
- JEL Code
- E430 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
- 29 November 2018
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2018Details
- Abstract
- ESTER (euro short-term rate) is the alternative euro risk-free rate administered by the ECB, which will replace EONIA (euro overnight index average) in 2020. The European Money Markets Institute (EMMI), the administrator of EONIA, concluded that under current market conditions, EONIA’s compliance with the EU Benchmarks Regulation (BMR) by January 2020 “cannot be warranted”. This implies that the usage of EONIA, at least in new contracts, may be prohibited by law as of 1 January 2020.