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Interest rate benchmarks are important for the functioning of financial markets and for the transmission of monetary policy. Financial markets are largely based on such indices as a reference in financial contracts. The absence of benchmarks could trigger financial market disruptions, with a possible significant negative impact on the transmission of monetary policy decisions of the European Central Bank and on the Eurosystem's ability to contribute to the smooth implementation of policiesdoaj:7de93fecc7344d37a00a781d88c2ea50 fatcat:kaimwqlfbngdvepwzvb6ykpvsy