The Euro Interbank Offered Rate, or Euribor, has increased to the same level as the main interest rate of the European Central Bank, indicating banks have become increasingly willing to lend to one another. The situation also suggests lenders are withdrawing from the central bank's emergency liquidity schemes. "There are certainly signs of normalisation," said Christoph Rieger, head of interest-rate strategy at Commerzbank. "Any bank that has access to market funding right now still wouldn't go to the ECB at 1%. If you have access to unsecured Euribor cash at 0.74%, there's no point."

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