In addition, in the European Union the public sector has supported the process with legal texts. Indeed, the final draft of an EU Regulation on financial benchmarks was voted by the European Parliament on 28 April.
9 A wide range of benchmarks will now be covered by the new regulation, improving the reliability of the benchmarks, complementing and supporting the “soft law” of market practices. On these topics, the ECB has been strongly committed to the improvement of the relevant benchmarks for the euro.