Brussels is wading into the interest rate-rigging scandal rocking the City of London with a proposal to make illegal attempts to manipulate market indices across the EU and a fundamental review of the rules on how Libor is set.
Michel Barnier, the EU commissioner overseeing financial services, will amend reforms to EU market abuse rules so that potential “loopholes” are closed and criminal sanctions specifically cover tampering with indices such as Libor and Euribor.
Mr Barnier called the falsification of such benchmark rates a “betrayal” with potentially “systemic consequences”. His intervention comes amid the first signs of a backlash in Washington over an affair that has already forced the resignation of Bob Diamond from Barclays.
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