reference rate
as defined in Directive 2011/7/EU of the European Parliament and of the Council of…, Article 2, point (7) (Definitions)
either of the following: (a) for a Member State whose currency is the euro, either: (i) the interest rate applied by the European Central Bank to its most recent main refinancing operations; or (ii) the marginal interest rate resulting from variable-rate tender procedures for the most recent main refinancing operations of the European Central Bank; (b) for a Member State whose currency is not the euro, the equivalent rate set by its national central bank