Still, for most industrialized economies the macroeconomic fallout from the sharp decline in equity prices, from the spike in risk premiums and business distress, and from the revelations of corporate wrongdoing of a few years ago has been limited; in the United States, we experienced a mild recession.
Their widespread use across a range of financial market instruments, including deposits, fixed income and credit market products, as well as derivatives, permits standardisation and generates liquidity. There is currently an estimated € trillion of EONIA-linked derivatives contracts outstanding and € trillion linked to EURIBOR.1 A further € trillion of debt securities are linked to EURIBOR.