The working group is now preparing several important recommendations with regard to: (i) the transition away from EONIA towards the new ECB euro short-term rate, (ii) the most suitable methodologies for building derivatives-based term rates as a fallback to EURIBOR, and (iii) guiding principles for fallback provisions in new contracts for euro-denominated cash products.
While these recommendations are still work in progress, it seems that we are nearing a consensus on the way forward, which I find encouraging compared with the situation one year ago.