On 5 September 2012, the European Commission launched a consultation on the production of financial indices

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The case of Libor hands in both directions.

The first is casuistry and for banks, one after the other, or traded, or are sanctioned by the various authorities (regulators and courts) that, through the financial law or by the competition law, have examined their behavior.

The second is general and abstract. It is the part of legislators to lay the foundations for a reform of the Libor.

The two are linked because the authorities claim that the declaratory system Libor "could not not" get the banks to make statements favorable to themselves before being favorable to the banking and financial system.

So if the worm is in the fruit, the multiplication of cases involves reform declarative Libor.

The United Kingdom took an initiative, while investigating the Parliament the Government in turn setting up a Commission to consider a bill that could be passed quickly.

The European Commission, through the Commission’s Internal Market Michel Barnier September 5, 2012, said it is launching a consultation on "financial indices and stock indices."

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It should be noted that the method is not the same, English prefering the establishment of a committee, headed by the Managing General of the Financial Services Authority (FSA), while the European Commission proceeds by public consultation.

In addition, the Commission is both broader in scope reflection since it is not the Libor, but more abstractly "financial indice", but in reality it’s Libo which is in question and its declarative mechanism.

Moreover, Michel Barnier said already that the European Commission considers it necessary to regulate "how indices are produced, compiled and used."

Suffice to say that the declaration system, which is self-regulation, was sentenced ...