The Euro Interbank Offered Rate (Euribor) is the average interest rate at which eurozone banks lend to each other on an unsecured basis. It serves as a benchmark for various financial products including mortgages, savings accounts, and derivatives.
Example
“The 3-month Euribor rate rose to 3.9%, its highest level since 2008, causing adjustable-rate mortgage payments across the eurozone to increase and putting pressure on consumer spending.”