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25 September 2018

ECB(欧州中央銀行)ブノア・クーレ理事、EONIA(ユーロ圏無担保翌日物平均金利)の代替指標となるESTER(ユーロ短期金利)への移行について演説


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Benoît Cœuré, Member of the Executive Board of the ECB, explained the need for a new benchmark and the process of creating it.


New benchmark measures need to be in place by 1 January 2020. Given the importance of these benchmarks for monetary policy, the ECB on its part is working diligently on publishing a new, robust and reliable euro short-term rate by October 2019 at the latest.

Financial market participants, on their part, should redouble their efforts to ensure a smooth transition. They should examine and propose credible paths for the transition away from EONIA and towards ESTER. Contracts should be checked for consistency with the new regulations and robust fallback rates should be specified to ensure continuity in the event of disruption. For EURIBOR, while the private sector is currently reforming the benchmark, sufficient safeguards should be established in all contracts to mitigate the risk of potential adverse scenarios.

Last but not least, market participants should spread the word to ensure that in particular smaller and less sophisticated market participants are aware of the need to prepare for the new benchmarks and to take active steps to adjust systems, processes and contracts. Time is running short.

Full speech



© ECB - European Central Bank


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