Brussels, 06/03/2014 (Agence Europe) - The draft regulation to boost benchmark governance, unveiled in September in response to a number of crises surrounding the LIBOR and EURIBOR interbank interest rate benchmarks, will not be dealt with until after the European elections because neither the Council of Ministers nor the European Parliament will be able to decide on negotiating positions until later in the year.
A European Commission spokesman said: “The benchmarks proposal remains a priority for the Commission and we hope that it can be agreed by the European Parliament and the Council by the end of this year". Despite the impetus from the S&D and Greens/EFA in the direction of a compromise (see EUROPE 11032), the rapporteur for this question, who is also chair of the Parliament's economic and monetary affairs committee, Sharon Bowles (ALDE, the United Kingdom), has backed the request of the EPP and ECR to postpone the question until the next European Parliament.
It is highly likely that the Commission also wanted the question delayed. A Commission source said: “Substance takes priority over the timing however and while we would like to see the vote take place before April, we would not like to see the ambition of our proposal diminished". One of the areas of disagreement is the way Bowles has slashed back the regulation's scope of application. (EL)