Euro Interbank Offer Rate - Euribor

Euribor: an endangered species in the eurozone.

Er, okay. Euribor is the Euro Interbank Offer Rate, which is a reference interest rate that's calculated by averaging out the interest rates from all those countries (for short-term lending) in the eurozone club.

Euribor is a benchmark that helps banks figure out how much to lend out or borrow, kind of keeping everyone on the same economic page for things like mortgages, savings accounts, car loans, and other securities.

The Euribor kind of serves the same purpose as LIBOR in the US and the UK, if you aren't bored with the -bors by now.