EURIBOR stands for the Euro Interbank Offered Rate, which is the average interest rate at which major European banks lend money to one another. It is calculated daily and reflects the cost of borrowing in the eurozone, serving as a benchmark for various financial products, including loans and mortgages. The EURIBOR rates are published for different maturities, ranging from one week to twelve months. These rates are crucial for financial markets, as they influence borrowing costs for consumers and businesses, impacting economic activity across the European Union.