At the G20’s request, the Financial Stability Board (FSB) started work on an international interest rate benchmark reform in 2014, aimed at making these indices more transparent, representative and reliable.
Working groups were set up for Europe to develop new representative interest rate benchmarks, based on real transactions, known as risk-free rates (RFR). This initiative included a working group made up of public and private financial industry stakeholders, with the ECB providing the secretariat. This group was tasked with issuing recommendations on benchmarks with the aim of complying with political and regulatory requirements. Official information on this initiative is available on the ECB website at the following address: https://www.ecb.europa.eu/paym/initiatives/interest_rate_benchmarks/html/index.en.html