I would like to thank all of you, including the team supporting the working group chair, for your contributions, as well as the Secretariats of the ECB and the European Securities and Markets Authority for their coordinating work and dedication. These combined efforts seem to be paying off.
The working group is now preparing several important recommendations with regard to: (i) the transition away from EONIA towards the new ECB euro short-term rate, (ii) the most suitable methodologies for building derivatives-based term rates as a fallback to EURIBOR, and (iii) guiding principles for fallback provisions in new contracts for euro-denominated cash products.