EU Moving LIBOR to Paris

BankOfFrance

 

Bank of France

EU Commission is preparing to move the Libor rate fixing from the UK regulatory system to Paris where the EU Commission can control the free markets. This clearly is a blow to British influence, but the EU also feels Britain could leave the EU and is not part of the Euro. As rates start to rise in the free markets, the EU fears this will dramatically force the deficits of member states even higher.