Yet, even if the EURIBOR is not meaningful as an indicator of money market transactions, it is still of importance from the perspective of transmission of  3  For a discussion of the economic functions and benefits of a well-functioning interbank market, see P. Hartmann and N. Valla (2008), “The Euro Money Markets”, in X. Freixas, P. Hartmann and C. Mayer (eds.
), Handbook of European Financial Markets and Institutions, Oxford University Press. 2  BIS Review 154/2008  information along the yield curve, because the interest rates applied to many outstanding loans are indexed to, or at least priced against, the EURIBOR.4 Moreover, many derivative contracts relate to benchmark interest rates.