EC: Statement by Michel Barnier: Interbank interest rate benchmarks

The statement reports that the EC is to propose further legislation on benchmarks in Q2 2013 in order to further clarify the framework under which benchmarks should operate, adding “I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as EURIBOR”. The EC is to ask ESMA and EBA to start preparatory work aimed at identifying banks in view of their involvement in interbank lending markets which should be subject to a mandatory participation in benchmark setting.