EU lawmakers rush to extend life of discredited euro bank lending rate

FRANKFURT (Reuters) - European lawmakers are working against the clock to extend the life of a discredited interest rate benchmark and avert a crunch that would affect trillions of euros worth of contracts, a senior official said on Friday.The EONIA benchmark is based on the rate European banks charge for lending to each other overnight and is published by industry organisation, the European Money Market Institute (EMMI).But banks have shied away from this form of lending following the financial..