6  Whether short-term retail interest rates in the euro area over the past year have followed more closely the EONIA rate or EURIBOR rates can be analysed using the standard vector error-correction model of the bank interest rate pass-through where short-term retail bank lending and deposit rates are regressed against either the EONIA rate or a term money market rate.
BIS Review 154/2008  3  In the present environment, the intermediation role taken by the central bank replaces to some extent money market activity. There are limits, however, to the extent that a central bank can perform this function. First, not all participants in the money market are banks and thus eligible to interact with the central bank.