Maastricht criterion bond yields (mcby) are long-term interest rates, used as a convergence criterion for the European Monetary Union.

Maastricht Treaty. 

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The Maastricht Treaty EMU convergence criterion series relates to interest rates for long-term government bonds denominated in national currencies. Selection guidelines require data to be based on central government bond yields on the secondary market, gross of tax, with a residual maturity of around 10 years. The bond or the bonds of the basket have to be replaced regularly to avoid any maturity drift.

The legal basis is the Article 121 of the Treaty establishing the European Community and Protocol on the convergence criteria.

Harmonised series and indicators

At present, harmonised long-term interest rates are available for 26 of the Member States. The indicators available at the moment for Estonia , taking into account the specific situation of this country, is not fully harmonised.

The current indicator for Estonia represents a weighted interest rate on new EEK-denominated loans to non-financial corporations and households with short, medium and long interest rate fixation perioads. However, currently a large proportion of the underlying claims (on average 90%) are linked to interest rates with fixation periods up to one year. The Estonian indicator based on MFI interest rates is published on the ECB website: http://www.ecb.de/stats/money/long/html/index.en.html

A harmonised long-term interest rate for Luxembourg is presented starting mid-May 2010. Before, the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years. Therefore, the yield on long-term bond(s) issued by a private credit institution with a residual maturity close to 10 years is presented for the period up to mid-May 2010 and is thus not fully harmonised for that period.

For Cyprus, primary market yields are reported. The same applies to Bulgaria nad Romania up to December 2005, Slovenia up to October 2003 and Lithuania up to October 2007.

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Euro area, EU 27 and Member States except Estonia.

Length of series varies considerably. In general the national series for Member States joining the EU before 2004 are much longer than for the Member States joining 2004 or later. The lengthiest series for daily Maastricht criterion bond yields on 1 January 1980.

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All the yields are expressed in percentages per annum.

Data show daily, monthly, quarterly and annual values.

The length of series varies according to country.

The legal basis is the Article 121 of the Treaty establishing the European Community and Protocol on the convergence criteria.

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Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.

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The precise date of data release for the Maastricht criteria bond yields is disseminated on the website.

See News Release Calendar

In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Dissemination format') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.

Daily, monthly, quarterly and annual.

News releases on-line.

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Please consult free data on-line or refer to contact details.

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See: http://ec.europa.eu/eurostat

Details of the selection criteria for the EMU convergence series, including the yield formula used may be obtained from ECB.

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Convergence reports of ECB and the European Commission

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EU 27 MS since 2006, EU 25 MS 2002, EU 15 MS since 1992 

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Monthly data in general around ten days after the end of the corresponding period.

Usually data are available at the envisaged date.

Within 25 MS data is fully comparable.

Data can be compared over time.

In Key indicators on EU policy - Short-term indicators - Monetary and financial indicators and in General statistics - European and national short term indicators - Monetary and financial indicators - Interest rates monthly averages of Maastricht criterion long-term interest rates are available.

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The data is calculated based on market data.

Data are revised each time the ECB transmits revised data.

Major changes in methodology are announced beforehand.

Daily and monthly long term interest rates convergence series data are collected by the European Central Bank (ECB) from the national central banks. Eurostat calculates the EU aggregate series. These aggregates are based on the data of the national central banks.

In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which is responsible for the calculation of these aggregates.

The country and aggregate data are transmitted to Eurostat by electronic means.

daily

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Data may be checked with the ECB and/or National central banks.

Data are interest rates.

From January 1999, the weightings for euro area are based on each country's nominal stock of government bonds of around 10 years' maturity.

For EU aggregates and before 1999 for euro area, the weightings used are national GDP at current prices and purchasing power standards.

Eurostat calculates the EU27 series. This aggregate is based on the data of the national central banks.

In addition, for the euro area aggregates, daily data on representative long-term government bonds are collected on the markets by the ECB, which calculates this aggregate. 

Data are not seasonally adjusted. 

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