The current euro risk-free reference rates, updated every business day from official ECB sources: €STR for overnight and short horizons, and the euro-area AAA government yield curve for term discounting, CAPM and valuation work.
| Rate | Current | What it is |
|---|---|---|
| €STR (overnight) | 2.18% | Euro Short-Term Rate — the official euro overnight benchmark |
| ECB Deposit Facility | 2.18% | Policy floor for overnight money |
| 1Y AAA | 2.30% | Euro-area AAA government curve, 1-year point |
| 2Y AAA | 2.64% | Euro-area AAA government curve, 2-year point |
| 3Y AAA | 2.95% | Euro-area AAA government curve, 3-year point |
| 10Y AAA | 4.21% | Euro-area AAA government curve, 10-year point — the common valuation proxy |
Sources: ECB (€STR, deposit facility, AAA sovereign yield curve). Updated daily. Also available via our free JSON API.
For euro-denominated analysis, the overnight risk-free benchmark is €STR, currently 2.18%. For term discounting, the euro-area AAA government bond curve is the standard proxy — the 10-year point is currently 4.21%. Both values on this page update daily from official ECB data.
€STR (Euro Short-Term Rate) replaced EONIA as the official euro overnight benchmark and is the standard risk-free rate for short horizons, derivatives discounting and floating-rate products. For longer horizons — equity valuation, CAPM, project discounting — practitioners typically use the euro-area AAA government yield (often the German Bund) matching the cash-flow maturity, most commonly the 10-year point.
The ECB publishes a euro-area AAA government curve estimated from the highest-rated sovereign issuers, which removes single-country credit noise. In practice it tracks German Bunds closely, since Germany is the dominant AAA issuer. Both conventions are accepted; consistency matters more than the choice.
Daily. €STR is published every TARGET2 business day by the ECB, and the AAA yield curve is re-estimated daily from market prices. This page refreshes from those official series every day, and the same numbers are available programmatically via our free JSON API.