(4)Despite the early announcement of the discontinuation of the EONIA rate as of 3 January 2022 and the early industry recommendations to replace any EONIA references by €STR especially for contracts maturing after that date, a large volume of contracts and financial instruments referencing EONIA are still outstanding in a number of Member States. EONIA therefore continues to play a crucial role for financial markets in the European Union. Furthermore, because of the process of reaching expert and industry-wide consensus over the appropriate transition pathway, such contracts and financial instruments generally do not contain suitable fall-back provisions covering the permanent cessation of EONIA. The cessation of EONIA is therefore likely to have a significantly disruptive impact on those contracts and financial instruments.