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Oversight of the Libor bank lending rate will be taken away from the City of London and transferred to Paris under a new plan currently being drafted by the European Commission.
The proposal, due to be published in the summer, would see the regulation of hundreds of influential price levels, including oil and gold, transferred to the France-based European Securities and Markets Authority. According to the Financial Times,
The move to strip London of oversight of Libor is likely to anger George Osborne, the UK chancellor, who has already overseen a wide-ranging review to restore faith in the flagship interest rate benchmark.
Libor - the London Interbank Offered Rate - is the average level of interest rates offered to banks borrowing money, but is under investigation after claims it was manipulated.
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