2024-03-29T11:49:02Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/135562023-06-08T11:03:38Zcom_123456789_11143com_123456789_21col_123456789_13493
Euro risk-free interest rates: the transition from EONIA to €STR
Álvarez López, Inmaculada
Lago Perezagua, Pablo
Tipos de interés a corto plazo
Instrumentos de la política monetaria
Artículo de revista
The decline in the trading volume of unsecured transactions following the financial crisis led to a loss in EONIA’s representativeness. Moreover, the manipulation of some of the main benchmark rates, such as LIBOR, and the sanctions imposed by the authorities, resulted in a large number of institutions stopping their voluntary contributions to these and other benchmarks, such as EONIA. In this situation, the need for appropriate and reliable benchmark rates became clear. This article describes the key features of the new euro risk-free interest rate, known as the euro short-term rate (€STR), and why it was created. In addition, the article gives an account of the progress made by the working group on euro risk-free rates and the transition required to gradually replace EONIA, which has until now served as the benchmark for many money market contracts and as an indicator for monetary policy decisions in the Eurosystem.
2020-05
Artículo
ISSN: 2605-0897 (electronic edition)
https://repositorio.bde.es/handle/123456789/13556
eng
Financial Stability Review / Banco de España, 38 (Spring 2020), p. 123-145
Versión en español 123456789/13549
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
30 p.
application/pdf
Zona euro
Banco de España
Madrid : Banco de España, 2020