The ECB’s Cœuré walks through ESTER: time is short to solve some tricky problems

The ECB’s Benoit Cœuré recently spoke about ESTER, the ECB’s new overnight rate. Benchmark reform is all the rage, and Europe, while initially setting itself some tough deadlines, is now proposing to back off for two years while public and private sector actors prepare. ESTER is one part of the solution.
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