Publication of the 2006 Study on the Euro Area Money Market

The European Central Bank (ECB) is today publishing a report entitled “Euro Money Market Study 2006”.

The report contains the results of an analysis of euro area money market developments in 2006, carried out by experts from the ECB and the national central banks of the European Union as part of the regular market monitoring and analysis activities of the European System of Central Banks (ESCB). The study shows that the aggregated turnover of the euro money market increased strongly in the second quarter of 2006, after two years of slow growth. This increase was particularly strong for overnight indexed swaps (EONIA swaps), forward rate agreements and other interest rate swaps, which recorded a year-on-year growth rate of over 40%. The study also confirms that the secured (repo) segment remains the largest euro money market segment.

This study follows up on similar studies conducted since 1999. The results of the last study were published on 3 May 2005 in a report entitled “Euro Money Market Study 2004”. A set of charts presenting the data of the 2005 survey was published on 20 January 2006, as an annex to the previous study.

The 2006 report is available on the ECB’s website, as are the previous reports and survey results. Hard copies can be obtained from the ECB’s Press and Information Division.