We say most of the time Federal fund rate but it's in fact a target like counting said. For instance 0.00-0.25. I guess we say only Federal fund rate because it's faster to say...David wrote:1) Do you think that we should call it "Federal fund rate", which is the term coined by the US Federal Reserve or use a more generic name like "official bank rate" ?
In the EU the overnight rate evolves between 2 rates of facility that act like a target. These 2 rates are: the interest rate of the marginal lending facility, and the interest rate of the deposit facility. [1] This overnight rate -so the rate evolving between this 2 "boundaries"- is named Eonia for Euro OverNight Index Average. It represents more or less where is currently the market. More info can be found here [2].
[1] https://www.ecb.europa.eu/mopo/implemen ... ex.en.html Look also at "Data" and you can see that almost nobody uses the "marginal lending facility" because it is a last resort thing to use. Like in the US where it is named the Discount Window, getting money from the BCE (or Fed for the US) is the most expensive solution.
[2] http://thismatter.com/money/banking/eur ... policy.htm