17/05/2016 (Agence Europe) - Member states endorse benchmarks agreement. On Tuesday 17 May, the Agriculture Council approved the draft resolution on benchmarks. This agreement seeks to improve the governance of benchmarks produced and used in the EU in financial instruments, such as bonds, shares, futures and swap contracts. The European Commission proposal dates back to September 2013, and came in the wake of the LIBOR (London Interbank Offered Rate) and the EURIBOR (Euro Interbank Offered Rate) manipulation scandals. These two benchmarks are used to set interbank interest rates (see EUROPE 10663). (EL)