six month EURIBOR twelve month EURIBOR 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 Sep. Oct . Nov. Dec . Jan. Feb . 2000 2.4

one month EURIBOR three month EURIBOR six month EURIBOR twelve month EURIBOR 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2

one month EURIBOR three month EURIBOR six month EURIBOR twelve month EURIBOR 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2

daily data ) three month EURIBOR futures maturing in December 2004 ( left hand scale ) three month EURIBOR futures maturing in March 2005 ( left hand scale ) implied volatility with constant six months to maturity ( right hand scale ) 4.0 100.0

daily data )

one month EURIBOR ( left hand scale ) three month EURIBOR ( left hand scale ) twelve month EURIBOR ( left hand scale ) spread between twelve month and one month EURIBOR ( right hand scale ) 4.5 4.0 3.5 3.0 2.5 2.0 0.9 0.6 0.3 0.0 0.3 0.6 2001 Source Reuters . 2002

daily data ) one month EURIBOR ( left hand scale ) twelve month EURIBOR ( left hand scale ) spread between twelve month and one month EURIBOR ( right hand scale ) 3.0

Three month EURIBOR futures rates and implied volatility from options on three month EURIBOR futures ( percentages per annum

daily data ) one month EURIBOR ( left hand scale ) three month EURIBOR ( left hand scale ) twelve month EURIBOR ( left hand scale ) spread between twelve month and one month EURIBOR ( right hand scale ) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan. Mar .

for the euro area three month EURIBOR .

daily data ) three month EURIBOR futures maturing in December 2003 ( left hand scale ) three month EURIBOR futures maturing in March 2004 ( left hand scale ) implied volatility with constant six months to maturity ( right hand scale ) 5.0 120.0 one month EURIBOR ( left hand scale ) twelve month EURIBOR ( left hand scale ) spread between twelve month and one month EURIBOR ( right hand scale ) 4.0 3.5 4.5

Chart 11 Three month EURIBOR futures rates and implied volatility derived from options on three month EURIBOR futures ( percentages per annum

Chart 10 Three month EURIBOR futures rates and implied volatility derived from options on three month EURIBOR futures ( percentages per annum

They only take six weeks. Instead of 11 months, they're six weeks.

three month EURIBOR from 30 December 1998 onwards . ECB Annual Report 1998

0.62 3 month EURIBOR 0.76 7 year swap rate 0.76 3 month EURIBOR 0.40 7 year swap rate

She's a six monther.

one month EURIBOR three month EURIBOR 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 Jan. Feb . Mar .

With the substantial increases seen in unsecured money market interest rates , the corresponding spread between unsecured and secured money market rates widened significantly , particularly at maturities of one month and longer ( see Chart 11 ) . These spreads remained at elevated levels in the final months of the year , with the spread between Chart 11 Three month EUREPO , EURIBOR and overnight interest swap ( percentages per annum

Six months later, they were married.

three month EURIBOR futures maturing in December 2002 ( left hand scale ) three month EURIBOR futures maturing in March 2003 ( left hand scale ) implied volatility with constant six months to maturity ( right hand scale ) 4.8 4.4 4.0 3.6 3.2 2.8 2.4 2001 2002 Sources Bloomberg , Reuters and ECB calculations .

spread between twelve month and one month EURIBOR ( left hand scale

However , the slope of the money market yield curve should be interpreted with some caution , since by historical standards the spreads between unsecured EURIBOR rates and secured rates ( such as EUREPO rates ) were exceptionally pronounced during the second half of the year

This was built in six months.

I gave up smoking six months ago.

They have studied here for six months.

He's been away for six months.

2 ) Differential ( in percentage points ) between three month interbank interest rates and the three month EURIBOR .

We had six months to feel the lob, to get the job done, and we dicked around for six months.

First , it declined Chart 10 Three month EUREPO , EURIBOR and OIS ( percentages per annum

daily data ) one month EURIBOR ( left hand scale ) twelve month EURIBOR ( left hand scale ) spread between twelve month and one month EURIBOR ( right hand scale ) 4.5 4.0 3.5 3.0 Chart 11 Three month EURIBOR futures rates and implied volatility derived from options on three month EURIBOR futures ( percentages per annum

daily data ) three month EUREPO three month EURIBOR three month OIS spread between three month EURIBOR and three month OIS 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan. Apr . July 2009 Oct. Jan . 2010 140 120 100 80 60 40 20 0 20 40 significantly following further reductions in the key ECB interest rates in that period .

Chart 9 Three month EURIBOR futures rates and implied volatility ( percentages per annum

daily data ) three month EURIBOR futures maturing in March 2006 ( left hand scale ) implied volatility from options on three month EURIBOR futures maturing in March 2006 ( right hand scale ) 3.5

In six months, how do we train these women?

Six months later the newspaper was closed.

Six months later I had the chance to go to Japan.

Six months later it's still gone.

I gave up smoking six months ago.

I quit smoking six months ago.

He has only six months to live.

She has only six months to live.

She is only six months old.

He is only six months old.

They have studied here for six months.