On 20 March 2019, the European Money Markets Institute (EMMI) published a consultation on the change in the methodology of the Euro OverNight Index Average (EONIA), as recommended by the Working Group on Euro Risk-Free Rates. The EMMI is consulting on the following recommendations of the Working Group:

• the implementation of the recalibrated methodology for EONIA, whereby EONIA will be defined as the Euro Short Term Rate (ESTR) plus a spread;
• the continued publication of EONIA under the current methodology until the ESTR starts being published;
• projected implementation date of EONIA’s recalibrated methodology on 2 October 2019; and
• transition of the market away from EONIA to the ESTR following the discontinuation of EONIA on 3 January 2022.

The deadline for responses to the consultation is 15 April 2019.