Policymakers address Libor issues before European Parliament

Gary Gensler, chairman of the US Commodity Futures Trading Commission, told the European Parliament that transparency is key as he called for an overhaul or a replacement of the London Interbank Offered Rate. Leading policymakers from the US and Europe said bankers who try to manipulate benchmark interest rates should face stiff sanctions, including jail time. "We have to ensure that those responsible go to prison," EU Internal Market Commissioner Michel Barnier said.

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