Establishing integrity and trust post Libor/Euribor: extracts from the Public Hearing -EP Committee on Economic and Monetary Affairs
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Event date 24/09/2012
Short description Meeting of the EP Committee on Economic and Monetary Affairs in Brussels. Extracts from the public hearing with the participation of Joaquin ALMUNIA, Commissioner for Competition, Masamichi KONO, Chairman of the International Organisation of Securities Commission (IOSCO) Board, Daniel L. DOCTOROFF, CEO and President of Bloomberg, Thierry PHILIPPONAT, Secretary General of Finance Watch, Joanna COUND, Head of Government affairs, Blackrock investements and Arlene McCARTHY (S&D, UK).
Duration 04:43
Reference 87262
Background The benchmark London Interbank Offered Rate (Libor), needs to rebuild trust and integrity, but also needs to be regulated, said MEPs, Commissioners Barnier and Almunia and other financial experts, at Monday's Economic and Monetary Affairs Committee hearing on manipulation of interbank lending rates. Participants agreed that benchmarks such as Libor should be anchored in observable transactions and should be transparent. They also said that benchmarks should continue to be set by private businesses such as banks, with data-based objectivity, but since integrity and trust are public goods, they should remain under public control and supervision.

For more information read press release: Libor needs trust, transparency and integrity, but regulation too, say MEPs
Production format Pre-edited
Format 16:9
Copyright © European Union, 2012
Filename Iebs87262[Lo-VI].mp4
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