The European Banking Authority and the European Securities and Markets Authorities have today criticised two of the bodies behind the rate-setting process of Euribor, as they issued guidelines on the supervision of submissions.

The boards of supervisors at the EBA and Esma criticised Euribor Steering Committee, which has main responsibility for the setting process of Euribor, the average rate, published daily, at which European banks borrow from each other, and Euribor-EBF, the body that manages and administrates the process.