On 26 July 2019, there was published in the Official Journal of the EU, the European Central Bank (ECB) guideline governing the euro short-term rate (€STR) and establishing the ECB’s responsibility for its administration and oversight. The guidelines also establish the responsibilities of the ECB and national central banks and sets out the provisions for the €STR’s methodology and cessation.

It should be noted that Article 4.3 of the guideline contradicts the ECB’s recent announcement on the publication time for the euro short-term rate which specified that the rate will be available at 8:00am CET and any revised rate by 9:00am CET, whereas the guideline states that the ECB will publish the rate at 9:00am and any revised rate by 11:00am CET.