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Barnier calls for ‘strong and robust’ response to Libor scandal

 |  October 4, 2012

European Union commissioner, Michael Barnier has called for “strong and robust” measures to combat market manipulation such as in the recent LIBOR scandal. He said that the verdict should include criminal and administrative sanctions against offenders. “We have to get rid of this ‘everything is allowed, everything is permitted’ attitude. I want to see an EU-wide ban on manipulation of reference indexes. No complacency has to be the buzzword”, said Barnier, the Frenchman incharge of regulation in Europe. He has called to take swift action by amending the current market abuse rules, widening the scope to cover key interest rates such as Libor and Euribor and other systemically important benchmarks and indices.

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