Quick Take: Euribor’s 3–12 month fixings lean heavily on inputs from vanilla <386‑day CP and CD issuance, yet today’s panel banks only account for around a quarter of that market, and activity is concentrated in a small subset of names. Barclays’ departure trims that coverage further, while several large non‑panel issuers and patchy official statistics mean a meaningful share of economically relevant EUR money‑market activity sits outside the benchmark’s core transaction set. We calculate the figures and explain how representativeness can be improved.