A joint report by the European Banking Authority (EBA) and European Securities and Markets Authority (Esma) has uncovered wide-ranging failures in the rate-setting process for the benchmark rate Euribor.
In a letter sent to the heads of the Euribor-European Banking Federation (EEBF), which sets the rate, Andrea Enria, chairman of the EBA, and Stephen Maijoor, chairman of Esma, say the report uncovered "weaknesses and insufficiencies" in the governance of the rate-setting process.
- EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
- Reserve management practices are splintering
- Female regulators increase stability of the financial system, IMF paper finds
- Booming US economy set against ‘fragile’ markets – BIS review
- BIS paper defends credit gap measure