Verena Ross calls for more centralised powers in response to appetite for stronger capital markets and investment in union
but Republic is opposed to such move
Some smaller EU countries such as the Republic and Luxembourg have opposed the idea, fearing it could undermine their thriving financial sectors. The idea of transferring more powers from national authorities to Esma has gained momentum in recent months as Brussels officials look for ways to boost capital markets activity to help finance an estimated €800bn of extra investment needs.
“Having an effective regulatory and supervisory framework has a big impact on making a single capital market work, and we don’t have that in Europe. So that is one of the areas that we need to focus on,” Ross said. The process could start by handing Esma more powers to supervise the “bigger, cross-border players” such as Euronext and Deutsche Börse that were “often servicing not just one country or a couple of them but genuinely serving investors across all the EU”, she said, adding that smaller markets and companies would continue to be supervised locally.
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