The ECB aims to start releasing a daily rate before 2020. A summary of responses to the ECB’s first public consultation on developing a euro unsecured overnight interest rate was published on the ECB’s website in mid-February 2018.5 A second public consultation document building on the analysis presented in the first consultation document, and the feedback received from market participants, is currently being prepared.
It will explore the methodology to be used for the new rate as well as key operational and technical parameters. The document is scheduled to be published towards the end of March 2018.