On 21 September 2017, the ECB announced that its Governing Council had decided to develop a euro unsecured overnight interest rate on the basis of data already available to the Eurosystem. That interest rate, which would be produced by 2020, would complement existing benchmark rates produced by the private sector and would serve as a backstop reference rate. That interest rate would be based entirely on transactions in euro that were reported by banks in accordance with the ECB’s money market statistical reporting (MMSR).