Euro money market

Euro money market is the money market in the euro area that covers the eurozone short-term funds through loans that are typically less than 1 year. The euro money market products are short term deposits, repos, EONIA swaps and foreign exchange swaps.

History
The euro money market develop out of the eurozone member states individual money markets after they adopted the Euro on the 1 January 1999. The European Central Bank sets the target rate for the eurozone which drives the overnight interest rate (Euribor) and interest rate swaps.