ECB says new eurozone benchmark successfully introduced
Data shows September rate cut fully passed through to new €STR benchmark, ECB says
The European Central bank says the the early implementation of its new benchmark rate, the euro short-term rate (€STR), has so far been a success.
On October 2, the ECB published the first €STR rate, which it aims to use as the replacement for the Euro Overnight Index Average. Eonia is still being published alongside €STR to enable contracts based on the rate. The ECB calculates Eonia as €STR plus 8.5 basis points. It will cease calculating Eonia from January 3, 2022, and only publish €STR.
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