However, in the context of the drastic reduction of turnover in the unsecured markets, especially for longer maturities, large and variable spreads have emerged between the policy rates determined by the ECB and unsecured money market rates (such as the EURIBOR at various maturities) which are the basis for bank loan rates.
When no transactions are taking place, the meaningfulness of unsecured money market reference rates (such as the EURIBOR) is open to question.