ECB’s Coeure on the importance of euro interest rate benchmark reforms

ECB Governing Council member Benoit Coeure was out on the wires last minutes, delivering the welcome address at the first meeting of the Working Group on Euro Risk-Free Rates, at the ECB, Frankfurt.

Key Headlines:

Both the financial and public sectors have a keen interest in a smooth and successful reform of the reference interest rate.

The working group should explore ways to ensure a smooth transition to the preferred new rate.

This working group must reach a broad-based consensus on alternative risk-free rates and on the best approaches for incorporating their use in financial contracts.