Large, unwarranted increases in spreads, caused by the grave health crisis – which risk fragmenting the euro area government bond market and undermining the transmission of monetary policy – will be addressed decisively.
In July 2019, the Committee carried out its first public consultation on the choice of alternative interest rate benchmarks to yen LIBOR, including the ones for new loans and bonds, in order to solicit comments from a wide range of market participants. The results of the first public consultation were then published in November the same year.