Libor Is Not Going to Disappear: Economist

5:00 AM ET Wed, 4 July 2012

"Well we do have rivals to Libor, Euribor is one, but overall this is a key rate for setting short-term rates between the banks and therefore flowing from that right through to all the futures and options markets and derivatives market and to the wider economy," Bob McKee, chief economist at Independent Strategist, told CNBC.