The EUREPO index was launched in March 2002, and since then, the euro area cross-country standard deviation of the one-month EUREPO rates has been around, and normally below, one basis point. The indicator for the 12-month maturity shows a standard deviation of around, and normally below, two basis points.
The decisive role of the euro in enhancing financial market integration is also visible in the interest rate derivatives markets. A particularly important segment is the euro interest rate swap market (including, for example, the euro overnight index swap market). This has, in fact, become the largest interest rate swap market in the world!