BIS: Economic Consultative Committee statement on Libor

10 September 2012

The Bank for International Settlement published a short press release, with a statement from BIS Governors linked to Libor.

Sir Mervyn King issued the following statement after the meeting of the Economic Consultative Committee in Basel on Sunday 9 September:

"The BIS Governors look forward with great interest to the recommendations of the Wheatley Libor Review, and to the reports of other official groups examining reference rates used in financial markets.

The BIS Governors have agreed to set up a group of senior officials to take forward examination of these issues, and to consult with the market in order to provide input into the wider official debate coordinated by the Financial Stability Board."

The Economic Consultative Committee (ECC) is an informal group that supports the Global Economy Meeting (GEM). The GEM has two main roles:

• monitoring and assessing developments, risks and opportunities in the world economy and the global financial system; and
• providing guidance to the Basel-based central bank committees, especially the main three - the Committee on the Global Financial System, the Committee on Payment and Settlement Systems and the Markets Committee.

Press release

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