Barclays Libor scandal: ECB would have handled it better than Bank of England, says Mario Draghi

 

Following Barclays’ fine by regulators after it was found to have manipulated the key lending rate, the ECB president said that a “lot of action should be taken to improve governance of the Libor process”, before adding with a smile: “I dont know what the ECB would have done but I hope we would have done better.”

Mario Draghi was speaking at a press conference in Frankfurt, Germany, following the ECB’s decision to cut interest rates.

His views come just hours after Standard & Poor’s, the credit ratings agency, joined rival Moody’s in putting Barclays on negative watch over the uncertainty created by the resignation of three senior executives due to the Libor rigging scandal.

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