Short-term interest rates for the euro area, January 2011 – April 2016

Short-term rates are the rates at which financial institutions borrow between themselves for the short-term and/or the rate at which short-term government paper is issued or traded in the market. They are usually averages of daily rates. Overnight and short-term rates affect the supply of credit and bank loans and, as such, influence saving and investment decisions and contribute in changes in demand and prices.