EU ministers back market-supervision deal criticised for exempting Deutsche Börse
EU finance ministers agreed to the Market Integration and Supervision Package, which would expand the European Securities and Markets Authority’s role in supervising markets. The European Commission and European Central Bank criticised the compromise, which exempts Deutsche Börse and other infrastructures from direct oversight; the European Parliament must still approve the package.
Bottom line — Parliament’s negotiations will determine whether ESMA’s powers, governance and funding change before the package is finalised.
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Rapporteur reports that Germany secured an exemption for Deutsche Börse, with Spain and other countries obtaining similar carve-outs.
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The Commission’s Maria Luís Albuquerque said the compromise falls short on ambition and criticised its scope and governance.
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ECB president Christine Lagarde said she shared the Commission’s concerns about the package’s scope and governance, according to Rapporteur.
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Briefs Finance says governments also debated ESMA’s executive board and how the expanded supervisor would be funded.
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France’s finance minister Roland Lescure praised the deal as an important step towards a Savings and Investment Union, Rapporteur reports.
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The package still needs agreement between governments and the European Parliament, according to Briefs Finance.