EURIBOR plays an important role in the eurozone , from the part it plays in the ECB ’s monetary policy to the 80 % of new lending to non - financial corporations and 20 % of new loans to consumers , including mortgages , that are floating / variable rate loans based on the rate . This is particularly important for the transmission of monetary policy. While acknowledging the progress EMMI has made phasing in the hybrid calculation methodology for EURIBOR , ECB executive board member Benoît Cœuré said since the rate will ultimately rely on voluntary contributions , it is not clear whether it will be sustainable in the longer term , and called on the market to prepare for the transition to euro as soon as possible and build liquidity into derivatives markets . Relevant document : Dinner hosted by Benoit Cœure , ECB executive board member , at ISDA , Frankfurt , in June
EURIBOR plays an important role in the eurozone , from the part it plays in the ECB ’s monetary policy to the 80 % of new lending to non - financial corporations and 20 % of new loans to consumers , including mortgages , that are floating / variable rate loans based on the rate . While acknowledging the progress EMMI has made phasing in the hybrid calculation methodology for EURIBOR , ECB executive board member Benoît Cœuré said since the rate will ultimately rely on voluntary contributions , it is not clear whether it will be sustainable in the longer term , and called on the market to prepare for the transition to euro as soon as possible and build liquidity into derivatives markets . Relevant document : Dinner hosted by Benoit Cœure , ECB executive board member , at ISDA , Frankfurt , in June