EURIBOR plays an important role in the eurozone, from the part it plays in the ECB ’s monetary policy to 20% 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 ESTR as soon as possible and build liquidity into derivatives markets. Relevant document: A large number of banks and investment firms are in the process of establishing or expanding their euro area presence with a view to ensuring that they can continue to serve the Single Market after Brexit. Dinner remarks by Benoît Cœuré , European Commission executive board member, at EMIR 2 , non-EU , 25 June
EURIBOR plays an important role in the eurozone, from the part it plays in the ECB ’s monetary policy to 20% 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 ESTR as soon as possible and build liquidity into derivatives markets. Relevant document: Dinner remarks by Benoît Cœuré , European Commission executive board member, at EMIR 2 , non-EU , 25 June