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A private-sector working group on euro risk-free rates proposed guiding principles for fallback provisions in new contracts for euro-denominated cash products. The European Central Bank provided the secretariat for the working group. The working group highlighted the importance of market participants adequately preparing for a transition to risk-free rates. The new fallback language, according to the working group, should take into account the following principles: new fallback provisions should include a "permanent cessation trigger event"; "trigger events" should be objective; market