The interest-rate benchmark associated with eurozone interbank lending is Euribor, short for Euro Interbank Offered Rate.
Euribor is a set of reference rates representing the cost of unsecured euro borrowing in the wholesale money market. It is calculated from contributions and market information supplied by panel banks and is administered by the European Money Markets Institute. The benchmark is published for several maturities, including one week and one, three, six, and twelve months.
Euribor was introduced on 1 January 1999, the same day the euro entered its initial non-cash phase. It replaced several national interbank benchmarks used in countries moving toward monetary union, such as Germany’s FIBOR and France’s PIBOR.
Euribor is not the same as €STR, the European Central Bank’s overnight benchmark based on actual wholesale transactions. It is also distinct from SONIA, the sterling benchmark, TIBOR, the Japanese yen benchmark, and LIBOR, which historically covered multiple currencies and was administered in London.