The invention relates to a highly sensitive electrode for an exhaust gas sensor consisting of a cermet electrode combined with a solid electrolyte conducting oxygen ions by co-sintering at 1300 to 1600 DEG C and containing a catalytic material applied after co-sintering. The preferred solid electrolyte is zirconium oxide and the preferred catalytic materials contain platinum and/or rhodium. The invention also relates to a process for producing the highly sensitive electrode and its use in sensors to determine the oxygen content of internal combustion engine exhaust gases.