The result is a scarcity, or outright absence in longer tenors, of actual transactions that banks can use to estimate their daily submission to LIBOR. Ongoing regulatory reforms and the shift away from unsecured funding raise the possibility that unsecured interbank borrowing transactions may become even more infrequent in the future.
The euro area has established itself as a stable monetary anchor in the global economy. That notwithstanding, one has to acknowledge that much remains to be done.