An international response is needed over manipulation of the London Interbank Offered Rate (Libor) to ensure that cartel behavior is not possible, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee, told CNBC on Friday.
Regulators fined Barclays a total of $453 million after authorities said that traders at the bank distorted Liborand Euribor rates for five years between 2005 and 2009, which not only affected the market and increased their profits, but cast a flattering light on Barclays’ financial health.
"I don't think it's just going to be a UK response," Bowels told " European Closing Bell ."
"I'm wearing a European hat here as chair of the economic and monetary affairs committee of the European parliament and I am sure that commissioner [Joaquin] Almunia is going to be very interested in this."
"Previously we thought there are just about enough investment banks for us not to have huge market dominance issues and breaking up, but if you have a cartel as I said … it raises the questions here, it must raise the questions in the United States. I mean we would need an international response to this not just a UK one," Bowles added.Page 1 of 3 | Next Page