As with the example of the ECB calculating and publishing the EONIA rate, which I mentioned earlier, the ECB has supported the STEP initiative since its inception by acting as a catalyst for private-sector activities. Back in 2001, the first discussions on STEP took place at the meetings of the ECB Money Market Contact Group.
In 2002, the ECB hosted on its website the ACI’s public consultation on the first STEP report. And, finally, ECB staff have contributed to the work of the Euribor ACI STEP Task Force since its creation. The Eurosystem will also provide operational support to the functioning of the STEP market.