Guillaume Prache, Managing Director at Better Fiannce, was quoted in the Financial Time on the postponement of the vote on the regulations aimed at setting tougher standards for benchmarks such as Euribor and the improvement of investor protection.
The vote, expected last week, was postponed following last-minute legal objections from the Social Democrat and Green political parties. Being one of the most heavily lobbied proposals in Brussels, the regulation also divided European politicians with regards to its scope, since the original proposal covered all indices, Euribor included.
With no progress expected before 2015, Mr. Prache called the current state of affairs as a consequence of political infighting a “big disappointment”. Whereas the protection of individual investors should be the first priority, financial stability has been the focus of European financial policies instead. In view of the first Libor scandal, BETTER FINANCE does not take a favorable view on this development.
Please read the Financial Times article here.