Eurosystem backs Barnier over Euribor submission

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The Eurosystem yesterday backed European Commissioner Michel Barnier's intention to introduce European legislation, meaning banks could be forced to submit rates for the calculation of Euribor.

For the time being, it said, national supervisory authorities and the Euribor-European Banking Federation should be the ones to incentivise the ongoing membership of the panel's 39 banks, and to encourage more banks to sign-up.

However, the Eurosystem revealed it would support the creation of the legal po

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