On June 27, 2012, the "Financial Securities Authority – FSA" of the United Kingdom sanctioned the Barclays Bank to have manipulated the Libor. By a chain reaction, on July 6, 2012, the German regulator, Bafin, opened an investigation into banks, with no doubt on Deutsche Bank, while the Japanese regulator, the "Securities Exchange Commission" in the United States, the Canadian competition office, in particular open all investigations since the 6 July concerning all banks within their competence on their statements. In addition, JP Morgan said that it was already the subject of a class action in this regard. The domino effect begins.

What is called the "Libor" is a contraction of "London InterBank Exchange Rate". Each morning, the banks reported Libor rates and all of the exchanges are backed with these statements. It is therefore the confidence that we make to them that holds the system. In a declarative system, it was easy for the Barclays Bank to report an inaccurate Libor, upward or downward, according to trade that it wanted to do. This is legally of course a price manipulation, which was sanctioned by the "Financial Securities Authority - FSA" on June 27, 2012, inflicting Bank fined nearly £ 60 million. But it is especially throughout the system of credibility of this Bank, and banks, which is undermined, since everything is based on the statements. We understand that therefore all managers are laid off, etc. Will that be enough to keep a system purely declarative?