The primary benchmark for short-term interbank loans around the world is the LIBOR, and the Euro Libor is the LIBOR denominated in Euros.
There are 16 banks in London that set the LIBOR at the start of each day, and it signifies the average lending rate that the banks would charge each other for short-term loans. The EURO LIBOR is the same, denominated in euros. LIBOR stands for the London Interbank Offered Rate.
It is published by the British Bankers Association. This is not to be confused with the Euribor, published by the European Money Markets Institute. The LIBOR tends to be used more for USD- and GBP-denominated instruments.
It is similar to the federal funds rate in America, not in its amount but in its significance. Between the Euribor and the Euro LIBOR, either can be used for Euro-denominated forward rates contracts, interest rate swaps, and short term interest rate futures contracts.
The Euribor is used more often, and the Euro LIBOR is, in fact, rarely used. There are other domestic reference rates, such as the PIBOR in France, the FIBOR in Germany, and so on.