What Business would Adopt an Index run by Euro Group
One of its creations was ESMA, based in Paris, read here. This is intended to oversee the markets in the new banking union of the EU, the interests of investors and laughably yesterday was seriously proposed by the EU as providing a replacement for LIBOR.
Absurd as that seems, given the causes of the breakdown of the LIBOR system as well known to most businessmen who daily depend upon its one time impartiality, this proposal is proffered as if it could ever be seriously considered.
The British Government will surely now clearly see that which has been obvious for years, the EU is a construct dedicated to the destruction of the UK economy and all the systems of international commerce which have been built up around the City of London.
Somebody in Westminster needs to start lobbying to gain cross party support for notice of our withdrawal from the EU under Article 50 (details here).
When under attack no country can afford to delay four years to guage public opinion and frame a suitable response to gunfire. It isn't just LIBOR which governments worldwide neutured in response to Sub-Prime and the Euro Crisis, its the sheer opportunism of our embedded EU enemies in using the criminal opportunism of certain finance traders in exploiting that chaos, to then do down their supposed trading partner and ally!