The Euro Risk-Free Rates Working Group concludes its work
The European Securities and Markets Authority (ESMA), in its capacity as Secretariat of the Working Group on Euro Risk-Free Rates (EUR RFR WG), today issued the final statement of the group, announcing the completion of the EU Interest Rate Reform.
In the statement published today, ESMA summarises the key achievements of the EUR RFR WG, such as the identification of €STR as risk-free rate for the euro area and the definition of EURIBOR fallback provisions for each asset class.
ESMA also encourages industry to ensure that all financial products referencing EURIBOR, including mortgages, embed robust fallback provisions.
The EUR RFR WG has accomplished its mission (as described in the Terms of Reference), and the group has been discontinued as of 13 November 2023.
Next steps
ESMA may reconvene the Working Group for additional activities related to benchmarks, such as ad-hoc surveys on topical issues in the future.
Further information:
Sarah Edwards
Senior Communications Officer
@ press@esma.europa.eu