The European Commission is proposing that the European Securities and Markets Authority, which is in Paris, oversee the London Interbank Offered Rate and other benchmarks. The proposal is meant to create "a framework to supervise indices of reference, with sanctions for not respecting established principles," EU Internal Market and Services Commissioner Michel Barnier said. "Doubts about the precision and integrity of indices of reference could undermine market confidence, cause important losses for consumers and investors, and damage the real economy."

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