Euro short-term rate (€STR)

The ECB’s Governing Council has decided to develop a euro short-term rate (€STR) based on data collected by the Eurosystem for money market statistical purposes. The €STR reflects the wholesale euro unsecured overnight borrowing costs of euro area banks and complements existing benchmark rates produced by the private sector, serving as a backstop reference rate.

The working group on euro risk-free rates recommended that market participants gradually replace EONIA with the €STR for all products and contracts by the end of the year 2021, making the €STR their standard reference rate. Since 3 January 2022 the publication of the EONIA has been discontinued permanently.

The International Securities Identification Number (ISIN) assigned to €STR is EU000A2X2A25. The Financial Instrument Short Name (FISN) is ECB/EUR EURO SHORT-TERM RATE IR.

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05.08.2021 - Blog post by Gaston Reinesch, Governor of the BCL
	INTEREST RATE BENCHMARK REFORM Introduction This article analyses the importance of money market reference rates from a double perspective. On the one hand, its objective is to make the public aware of the different reference rates in the money market and their great impact on capital markets and the real economy. On the other hand, this article sheds light on global reference rate reforms undertaken over the last few years. Thereby, it raises awareness of the reform outcomes and the need for adaption by market practitioners in the very near future.
09.08.2024 - Blog post by Gaston Reinesch, Governor of the BCL
	MONEY MARKET STATISTICAL REPORTING (MMSR): ENLARGED REPORTING POPULATION INCLUDING THREE REPORTING AGENTS BASED IN LUXEMBOURG The earlier blog article 8 emphasised the importance of money market data and money market reference rates. The aim of this blog post is twofold. In a first step, this article recalls the relevance of statistical information about the euro area money market from a central bank perspective. (...)

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