Memo: Statement by Commissioner Michel Barnier on interbank interest rate benchmarks

Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. The European Commission is therefore following developments on Euribor, in particular the recent departure of a number of panel banks. The integrity of benchmarks is critical to the pricing of many financial instruments, commercial and non-commercial contracts. Any failures may cause losses for investors, distort the real economy and undermine market confidence. Following recent events, the Commission swiftly advanced measures to ensure the integrity of benchmarks.