Recital 7

(7)The result of expert working group consultations has established the preliminary assessment on the important role of EONIA in financial markets in the Union. It appeared from those expert working group consultations that the lack of a harmonised approach would give rise to legal uncertainty, which may trigger disputes and disruption. The Working group on euro risk-free rates has also addressed, on 15 July 2021, a formal letter calling for action from the Commission to swiftly designate a statutory replacement for EONIA. It is therefore appropriate for the Commission to designate a statutory replacement for EONIA to be used in any contract, and in any financial instrument as defined in Directive 2014/65/EU of the European Parliament and of the Council ⁴ , that does not contain fall-back provisions or suitable fall-back provisions.