2012年-ECB欧洲央行_European_Commissions_public_consultation_on_the_regulation_of_indices_-_Eurosystems_response_8页_179kb

Summary of the Eurosystem's Response to the European Commission's Public Consultation on Benchmark Regulation

Core Content

The Eurosystem responded to the European Commission's public consultation on benchmark regulation, focusing on the reform of Euribor and other interest rate benchmarks. The consultation followed the Libor, Euribor, and Tibor manipulation scandals and the subsequent investigations by UK, US, and Japanese authorities. The Eurosystem supports the need for regulatory and governance reforms to restore confidence in benchmarks, particularly Euribor, which plays a key role in the euro area's monetary policy transmission.

Main Views and Key Points

• Importance of Euribor:

  • Euribor is considered a systemic benchmark with significant implications for financial stability and monetary policy.
  • It serves as a reference rate for contracts with a notional value of hundreds of trillions of euros.
  • It has evolved into a public good, with wide usage in loans and retail products.
  • Its reliability and representativeness are crucial for the effective transmission of monetary policy decisions.

• Short-Term Reforms:

  • The Eurosystem advocates for immediate governance improvements to enhance the reliability and integrity of the Euribor rate-setting process.
  • Proposed measures include:
    • Implementing Chinese walls and internal procedures to prevent manipulation.
    • Clearing the definition of checks and escalation procedures by the calculation agent.
    • Enhancing the independence and diversity of the Euribor-EBF board and steering committee.
    • Establishing a reliable investigation and sanctions mechanism.
    • Strengthening the Euribor panel by revising membership criteria and encouraging broader participation.
    • Introducing ex post checks by an independent entity and mandatory audits of panel banks.
  • These measures should be carefully assessed to avoid unnecessary disruptions.

• Medium to Long-Term Reforms:

  • The Eurosystem supports a shift towards more transaction-based methodologies to improve the robustness and representativeness of Euribor.
  • However, such changes require thorough study, as transaction volumes in longer tenors may not be sufficient for reliable results.
  • A combination of transaction-based data and survey-based estimates may be a viable solution.
  • The possibility of replacing Euribor with alternative benchmarks (e.g., Eonia OIS or secured benchmarks) is considered, though challenges remain due to the unique role of Euribor in reflecting unsecured funding costs.
  • The Eurosystem believes that market-led initiatives should be encouraged, but also that regulatory frameworks should support the transition to new benchmarks while preserving legal and financial stability.

• Impact of Regulation:

  • Any reform should be managed to ensure continuity and minimize market disruptions.
  • Legal and financial stability implications must be carefully considered, especially regarding the economic value of contracts and potential disputes.
  • A well-defined transitional period is recommended to reduce legal risks and ensure the legal validity of existing contracts.
  • The Eurosystem emphasizes the need for coordination at both European and global levels to ensure a consistent and fair regulatory framework.
  • It supports the role of the Financial Stability Board and IOSCO in international benchmark coordination.

Conclusion

The Eurosystem believes that the regulation and reform of benchmarks like Euribor are essential to restore and maintain market confidence. It supports a balanced approach, combining short-term governance improvements with long-term structural changes, and emphasizes the importance of coordination and market-led development in the reform process.