measures that we took to maintain price stability in the euro area. 2 as you can see on my next slide, declining transaction volumes in eonia over the past three years coincide with the start of our large - scale asset purchases and the associated mounting excess liquidity in the system. 2 / 10 bis central bankers'speeches but part of the decline also reflects a stronger role of non - banks in managing liquidity. i will come back to this in a minute. these two factors together have lowered the ability of eonia to accurately reflect banks ’ borrowing costs. on my next slide you can see how exposed eonia has become to sudden fluctuations in this environment : in november last year we observed that, amid thin liquidity conditions, comparatively small changes in transaction amounts can cause pronounced volatility in the level of eonia. 3 / 10 bis central bankers'speeches the problems faced by benchmarks have resulted in a notable regulatory effort to establish improved benchmark rates. at a global level, this has resulted in the adoption in 2013 of iosco ’ s principles for financial benchmarks, which have been endorsed by the financial stability board ( fsb ). the fsb coordinates international work to review and reform benchmarks and has encouraged public authorities and the private sector to identify robust overnight risk - free rates. 3 in the eu, these efforts have resulted in the adoption of the eu benchmarks regulation, which lays down requirements to ensure accuracy and integrity. 4 the regulation requires benchmarks to be reliable and robust, and underpinned by observable transactions in an active market determined by competitive supply and demand forces. eonia and euribor in their current form do not comply with these requirements, and may therefore be prohibited for use, at least in new contracts, from january 2020, unless reformed in the case of euribor. it is also uncertain whether their use in legacy contracts will be permissible. the volume of such legacy contracts with maturities beyond 2019 is substantial. a quarter of outstanding interest rate derivatives using eonia and more than half using euribor have maturities in 2020 or later. 80 % of floating - rate debt securities using euribor – worth almost €1. 5 trillion – also extend beyond 2019. and as mentioned above, a substantial share of mortgages are referenced to euribor. inadequate preparation by the private sector could result in market dislocation once current benchmarks become obsolete. progress in creating a new euro area benchmark new benchmarks are

europe's unity and resilience. i count on this parliament – and the next one – to drive the decisive european action needed to strengthen the euro area. 4 / 5 bis - central bankers'speeches the ecb will continue to play its part, within its mandate. let me reiterate our unwavering commitment to delivering on price stability, while contributing to the topics i have talked about today and maintaining an ongoing dialogue with you, the elected representatives of eu citizens. thank you for your attention. i now look forward to listening to your views during today's debate. 1 european commission ( 2023 ), 2023 strategic foresight report – sustainability and people's wellbeing at the heart of europe's open strategic autonomy. 2 wright, w. and hamre, e. f. ( 2021 ), " report : the problem with european stock markets ", the future of eu capital markets, new financial, march. 3 international relations committee work stream on open strategic autonomy ( 2023 ), " the eu's open strategic autonomy from a central banking perspective – challenges to the monetary policy landscape from a changing geopolitical environment ", occasional paper series, no 311, ecb, march. 4 european commission ( 2023 ), long - term competitiveness in the eu : looking beyond 2030. 5 european investment bank ( 2022 ), eib investment survey – eu overview. 6 lehtimaki, j. and sondermann, d. ( 2020 ), " baldwin vs cecchini revisited : the growth impact of the european single market ", working paper series, no 2392, ecb, april. 5 / 5 bis - central bankers'speeches