Euribor vs ESTR

Three key benchmarks dominate European interest rate markets.

Euribor

Based on bank quotes for 5 maturities. Used in mortgages and loans.

ESTR (Euro Short-Term Rate)

Calculated by ECB from actual transactions. Replaced EONIA in 2022.

EONIA

Discontinued in January 2022, replaced by ESTR as part of benchmark reforms.