The financial sector cannot be trusted to self regulate. Fines have proved ineffective and have not changed the culture in the banking industry.
We are therefore extending the law to, for the first time, impose tough EU wide criminal sanctions and jail time.
It will cover all benchmarks and indices as the Libor manipulation shows that abuse is still rife in the banking sector.
More top news
Chaotic scenes in Hungary continued throughout the day with many migrants refusing to leave a train.
Prosecutors will seek the death penalty for a man accused of shooting dead nine people at a church in South Carolina.
Plenty of dry weather around, although the odd spot of rain for a few. Not as cold overnight as it has been.