" The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the financial intermediary system, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the economic policy of the government using the instruments at its disposal. "
ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes
The European Securities and Markets Authority (ESMA) and the European Banking
Authority (EBA) have today published the results of their joint work on Euribor
and propose principles for benchmark rate-setting processes. The publications
include:
A review of Euribor’s administration and management and clear recommendations
to the Euribor-European Banking Federation (EEBF) to improve the governance and
transparency of the rate-setting process;
Formal EBA Recommendations to national authorities on the supervisory oversight
of banks participating in the Euribor panel; and
A joint ESMA-EBA consultation on Principles for Benchmark Setting Processes in
the EU which establish a framework for the conduct of benchmark rate-setting and
the activities of participants in the process.