While working groups in other currencies had selected alternative risk-free rates (RFRs) to Libor for swaps contracts and were planning the transition process, hardly any headway appeared to have been made in the Eurozone—the second-largest interest rate swap market in the world. “They’ve wasted a lot of time and achieved precious little,” said a portfolio manager at a pension fund management firm in London. Worse, the number of banks submitting to the Euribor panel had fallen to a level where