Contracts should be checked for consistency with the new regulations and 9 / 10  BIS central bankers' speeches  robust fallback rates should be specified to ensure continuity in the event of disruption. For EURIBOR, while the private sector is currently reforming the benchmark, sufficient safeguards should be established in all contracts to mitigate the risk of potential adverse scenarios.
If the Fed chooses a consistent set of variables and sticks to them, the public would better understand our reaction function and thus have a greater ability to form judgments about the likely course of policy. This approach would reduce uncertainty about policy actions and promote stability.