Update to the Euribor Methodology following the 2025 Annual Review 

Following its 2025 Annual Review, The European Money Markets Institute (EMMI) will introduce a limited number of methodological refinements to Euribor, effective from 29 June 2026. 

As part of EMMI’s regular efforts to ensure that the benchmark continues to reflect evolving market conditions, potential areas for refinement were assessed. It also identified opportunities for targeted improvements. 

These updates aim to enhance the consistency, accuracy, and precision of the benchmark without altering its fundamental design. 

The review also confirmed that Euribor remains robust, resilient, and representative of its underlying market.  

Key updates 

• Increased precision: Panel Bank contribution rates will be calculated with three decimal places (instead of two), with no change to the rounding method.
• Level 2.1 adjustment: Spread Adjustment Factors will now use previous five days' Euribor benchmark rates, rather than individual contributions.
• Level 2.2 adjustment: Interpolated rates will rely on previous days' Euribor benchmark rates, instead of individual contributions.