Since then, the official sector has thought seriously about financial benchmarks, conducting a number of investigations into charges of manipulation, publishing the International Organization of Securities Commission’s (IOSCO) Principles for Financial Benchmarks and, through the Financial Stability Board (FSB), sponsoring major reform efforts of both interest rate and foreign exchange benchmarks.2 The institutions represented on the ARRC have also had to think seriously about these issues as they have developed this interim report.
The ECB’s monetary policy strategy The institutional setup provided by the Treaty, therefore, ensures a very solid foundation for building and maintaining a high level of credibility for the ECB and for the successful conduct of monetary policy in the euro area. In the end, however, it will be the central bank’s own performance that will determine its credibility.