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Europe moves to stop benchmark rigging after Libor scandal – economy

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European Union regulators are putting forward new rules to stop the rigging of benchmarks for…

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http://www.euronews.com/2013/09/18/europe-moves-to-stop-benchmark-rigging-after-libor-scandal
European Union regulators are putting forward new rules to stop the rigging of benchmarks for interest rates and commodity prices.

That was in response to the scandal involving banks distorting the information provided for the London Interbank Offered Rate.

That benchmark – known as Libor – is used to set the interest rates for home loans and credit cards around the world.

The rules will also cover commodity benchmarks for things like crude oil prices.

EU Internal Market Commissioner Michel Barnier explained: “What we are proposing is establishing rules of good governance to ensure transparency, to manage the inherent conflicts of interest in these benchmarks, and ensure the quality and credibility of the benchmarks. There is a framework of regulations for supervision and provision for sanctions.”

Benchmarks would be regulated for the first time at the European level, but enforced by individual countries’ authorities.

Commenting on that Barnier said: “It’s not weak supervision that I’m proposing. I put my confidence in these British or Belgian supervisors to do their jobs.”

The regulators abandoned the idea of much broader oversight by Brussels following objections from the commodities industry and Britain, the region’s largest financial centre.

London’s main financial community said it was largely happy with the proposals although commodity traders said their business should be exempt from any Brussels oversight.

Traders, who for decades have relied on an all-but unregulated system of contributing information to guide prices for oil and other valuable commodities, say the rules would discourage market participants from submitting their prices.

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Inside the month-long expedition to try and protect Europe’s elusive ‘Banana Hole’

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Inside the month-long expedition to try and protect Europe’s elusive ‘Banana Hole’

The ‘Banana Hole’ has been described as a “living library” of our planet’s history – but its future is at risk.

READ MORE : http://www.euronews.com/2026/05/29/inside-the-month-long-expedition-to-try-and-protect-europes-elusive-banana-hole

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Why is the EU is planning to update its stance towards China,?

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Is the EU about to take a tougher economic stance on China? And if so, why now?

Mared Gwyn reports for #EuropeToday on this story as EU Commissioners gather this morning for urgent talks on the matter.

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Latest news bulletin | May 29th, 2026 – Evening

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Latest news bulletin | May 29th, 2026 – Evening

Catch up with the most important stories from around Europe and beyond this May 29th, 2026 – latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.

READ MORE : http://www.euronews.com/2026/05/29/latest-news-bulletin-may-29th-2026-evening

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EU will never be a neutral mediator between Ukraine and Russia, says Kallas

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EU will never be a neutral mediator between Ukraine and Russia, says Kallas

The High Representative has dismissed the buzz over a special envoy for talks with Russia, arguing the EU will “never” be a neutral mediator between Moscow and Kyiv. “We have been clearly on Ukraine’s side,” she said.

READ MORE : http://www.euronews.com/2026/05/28/eu-will-never-be-a-neutral-mediator-between-ukraine-and-russia-says-kallas

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Hungary must reform for its people not for EU, Commissioner McGrath tells Euronews

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Hungary must reform for its people not for EU, Commissioner McGrath tells Euronews

In a wide-ranging interview with Euronews, the EU Justice Commissioner dampened hopes that the frozen Hungarian EU funds could be disbursed any time soon.

READ MORE : http://www.euronews.com/2026/05/29/hungary-must-reform-for-its-people-not-for-eu-commissioner-mcgrath-tells-euronews

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