Long term government bond yields are calculated as monthly averages (non seasonally adjusted data). They refer to central government bond yields on the secondary market, gross of tax, with a residual maturity of around 10 years. The bond or the bonds of the basket have to be replaced regularly to avoid any maturity drift. This definition is used in the convergence criteria of the Economic and Monetary Union for long-term interest rates, as required under Article 121 of the Treaty of Amsterdam and the Protocol on the convergence criteria. Data are presented in raw form. Source: European Central Bank (ECB)

Euro-zone series: Until December 1998 it is an aggregate of interbank deposit bid rates weighted by country GDP (Gross Domestic Product). Thereafter the rate is the EONIA (Euro OverNight Index Average), the effective overnight reference rate for the euro, computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks. EONIA is computed with the help of the European Central Bank. EU15 series: Until December 1998, this is a theoretical rate based on an aggregation of day-to-day rates weighted by country GDP. Thereafter the rate is an average of the EONIA and the rates of the non-euro-zone countries, weighted by country GDP. National series: broadly speaking, these are day-to-day interbank rates. Source: European Central Bank.

The 3-months interest rate is a representative short-term interest rate series for the domestic money market. From January 1999, the euro area rate is the 3-month "EURo InterBank Offered Rate" (EURIBOR) EURIBOR is the benchmark rate of the large euro money market that has emerged since 1999. It is the rate at which euro InterBank term deposits are offered by one prime bank to another prime bank. The contributors to EURIBOR are the banks with the highest volume of business in the euro area money markets. The panel of banks consists of banks from EU countries participating in the euro from the outset, banks from EU countries not participating in the euro from the outset, and large international banks from non-EU countries but with important euro area operations. Monthly data are calculated as averages of daily values. Data are presented in raw form. Source: European Central Bank (ECB)

A yield curve (which is known as the term structure of interest rates) represents the relationship between market remuneration (interest) rates and the remaining time to maturity of debt securities. The zero coupon yield curves and their corresponding time series are calculated using "AAA-rated" euro area central government bonds, i.e. debt securities with the most favourable credit risk assessment. They represent the yields to maturity of hypothetical zero coupon bonds. Source: European Central Bank.