It began as an average of inter-bank rates of 58 European banks, and is now reduced to only 44 banks. One of these days, when nearly all European banks lose access to the "money market", the Euribor interest rate will be limited to the average bid-offer from Deutsche Bank.
Having helped to introduce Lisbor back in 1992, one wonders whether the current EURIBOR arrangements have now become part of the problem, instead of the solution. When banks are routinely paying funding costs of interbank EURIBOR +3%, you have to question the EURIBOR as much as you question the banks.
Mariana Abrantes de Sousa
Even the French are now off TARGET
Lisbor, Indexante para uma nova era, Revista Valor 1992
Banks, Central Banks and Moral Hazard in the Eurozone