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For over 20 years, The European Money Markets Institute has acted as a trusted partner to facilitate the smooth functioning of euro money markets and to foster their further integration.

Besides the development and administration of robust benchmarks that are essential for financial markets and thus for the broader economy, we have promoted labels, standards, and practices enabling harmonised access to the markets, and have explored initiatives to answer market’s needs. 

The European Money Markets Institute was founded in 1999 – along with the introduction of the euro – by the national banking associations of the Member States of the European Union. Based in Brussels, the Institute has Europe anchored in its DNA. 

Working for the public good 

The European Money Markets Institute is an international non-for-profit association working for the public good by facilitating the smooth functioning of euro money markets and fostering their further integration. 

We believe that harmonised and transparent money markets are key for funding the economy. This brings up economic stability and growth which, in turn, increase society’s resilience. 

Offering long-lived and trusted solutions to the community 

The European Money Markets Institute is an Authorised Administrator under the Benchmarks Regulation of the European Union (BMR). As such, we develop and administer critical benchmarks. We work continuously to enhance the Governance Framework of our benchmarks and their transparency, in order to preserve their high quality and integrity. We act as a trusted partner with a strong sense of ethics.  

Euribor® is the unsecured money market reference rate for the euro. The benchmark was declared a critical benchmark by the European Commission in 2016 because of its systemic importance for financial stability. 

Eonia® is the interbank overnight lending reference rate for the euro. Since 1 October 2019, Eonia® is calculated with a reformed methodology tracking the €STR, the euro short-term rate of the European Central Bank. The publication of Eonia® was discontinued on 3 January 2022. 

To foster harmonised access to markets, the European Money Markets Institute also promotes standards, practices, and labels like STEP, standing for Short-Term European Paper. STEP establishes common practices and standards for the documentation of short-term paper programmes in Europe. With standardisation and transparency as a backbone, STEP encourages the integration and development of these markets and increases their depth and liquidity. 

We also explore new initiatives to answer market needs, always in compliance with the current regulatory context and market recommendations.

Building on the strength of a committed team 

The European Money Markets Institute is run by a cohesive multinational team sharing common values: excellence, transparency, and integrity. 

Our staff is driven by innovation and open-mindedness and is characterised by a diversity in expertise and backgrounds.



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Publications | June 2021