Interbank interest rate benchmarks: Statement by Commissioner Barnier

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“Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. (...) Any failures may cause losses for investors, distort the real economy and undermine market confidence. (...) The Commission is aiming to present its proposal on benchmarks in the second quarter of 2013 and I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as Euribor.” Statement by Commissioner Barnier.