> I would be surprised if the Euro didn't have something that was closer to the federal funds rate than libor.

I used to work for a small, independent East-European mortgage-broker back when the financial crisis started and pretty much all the banks active on my country's market were using LIBOR as a reference rate when issuing mortgages, this is actually the first time when I hear about EONIA. I remember my boss telling me at some point to write a script that would parse the daily LIBOR rates from the Internet, and me being very surprised that one of few places from where I could get those values reliably was a crappy geocities-like page hidden inside a major bank's website.

I guess that would be the Eonia:

"Eonia reference rates are calculated by the European Central Bank, based on all overnight interbank assets"

https://en.wikipedia.org/wiki/Eonia

EUR: EONIA

GBP: SONIA