Central banks launch joint investigation into Libor scandal

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Mervyn King, the governor of the Bank of England and chair of the Economic Consultative Committee (ECC), yesterday announced a group of senior officials would look into the issues surrounding reference rates used in financial markets. The decision to discuss the Libor had been made weeks before, in the wake of the rate-rigging scandal. King followed through with a promise to raise the matter with the ECC, an informal group that supports the Global Economy Meeting (GEM). Following the meeting