ECB’s Draghi: Libor Scandal Result Of Governance Problems

FRANKFURT (MNI) – The Libor scandal was the result of “problems of
governance” that will likely need to be addressed, European Central Bank
President Mario Draghi said in testimony to the European Parliament
Monday.

Draghi said the Libor scandal came as a “shock.” He called it a
“complicated” situation that would lead to many more developments.

There are “many inquiries into this on both sides of the ocean,”
Draghi noted.

The ECB chief clarified his comments from last week’s press
conference, denying that he had claimed the ECB would necessarily have
done a better job curbing the rate manipulation.

“I hope the ECB would have done a better job,” Draghi said.

— Frankfurt bureau: +49 69 720 142; email: ccermak@marketnews.com

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