{"id":509957,"date":"2026-05-30T07:02:25","date_gmt":"2026-05-30T07:02:25","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/509957\/"},"modified":"2026-05-30T07:02:25","modified_gmt":"2026-05-30T07:02:25","slug":"eus-six-big-economies-seek-move-on-capital-market-union-despite-irish-worries-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/509957\/","title":{"rendered":"EU\u2019s six big economies seek move on capital market union despite Irish worries \u2013 The Irish Times"},"content":{"rendered":"

The European Union<\/a>\u2019s six largest economies have proposed the \u201cphased\u201d introduction of a central oversight body for financial trading to break the political deadlock over plans for a shared European capital market.<\/p>\n

Amid ongoing concerns from the Republic and Luxembourg<\/a>, German<\/a> federal finance minister Lars Klingbeil held talks on Thursday in Berlin<\/a> with counterparts from Poland<\/a>, France<\/a>, Italy<\/a>, Spain<\/a> and the Netherlands<\/a> in the so-called E6 format.<\/p>\n

Klingbeil insisted compromise was necessary on all sides to ease a decade-old logjam and create a European financial market to rival Wall Street.<\/p>\n

\u201cWe\u2019re won\u2019t be successful competing with China and the US at a snail\u2019s pace,\u201d he said. \u201cThe world is not waiting for us.\u201d <\/p>\n

From the start, the Republic and Luxembourg have been wary of ambitions for a unified capital market, fearing a significant negative impact on their respective significant financial sectors.<\/p>\n

Previous E6 draft documents envisaged the Paris-based European Securities and Markets Authority (ESMA) taking over ever more responsibility from national authorities and central banks. That sparked fears in the State and Luxembourg of a centrifugal effect, with companies and funds potentially relocating to the French capital to be near the new authority.<\/p>\n

The latest E6 proposal maintains the main demand to \u201cdrive market efficiency, reduce fragmentation and strengthen liquidity\u201d \u2013 to allow companies in the 27-state union access European funding instead of looking to the United States.<\/p>\n

\"\"Will new pay transparency rules close the gender pay gap for good?<\/p>\n

However, the E6 suggest supervision of significant securities depositories and transactions by big clearing houses, essential institutions for managing credit risk, should be \u201ctransferred to ESMA in a phased approach\u201d.<\/p>\n

This period should be \u201cappropriate and as short as possible\u201d, they add, with close, ongoing supervision by the European Commission<\/a>. <\/p>\n

The transitional period to central European supervision, the E6 ministers added, should be used to allow ESMA \u201cdevelop sound, recognised and robust supervisory expertise and resources\u201d.<\/p>\n

[\u00a0AIB, Bank of Ireland join consortium of European banks developing euro-backed stablecoinOpens in new window<\/a>\u00a0]<\/p>\n

As part of the shift, ESMA staff should be \u201cclosely embedded in the supervisory process alongside\u201d national authorities via \u201cstructured co-operation supervisory mechanisms\u201d, with national legislators defining both agencies\u2019 roles and tasks.<\/p>\n

Their draft continues to see roles for national authorities alongside ESMA, though with clear definition of co-operation and responsibilities to \u201cavoid duplication, ensure cost control and create legal certainty for supervised entities\u201d.<\/p>\n

The paper proposes a phased approach, too, for the introduction of European oversight for a \u201csound\u201d common cryptocurrency<\/a> market.<\/p>\n

This would mean \u201csignificant\u201d cryptoasset service providers placed under direct ESMA supervision, the E6 ministers propose. The Paris authority should also be granted a formal say in future licensing procedures for new providers.<\/p>\n

\u201cWhere ESMA\u2019s opinion identifies unaddressed significant risks to EU market integrity or investor protection,\u201d the paper proposes, \u201cthe national competent authority should not grant the licence\u201d.<\/p>\n

The European Central Bank<\/a> said last month it \u201cfully supports\u201d these efforts, warning large crypto firms can be \u201csystemically relevant\u201d with risks that could spill into the banking system.<\/p>\n","protected":false},"excerpt":{"rendered":"The European Union\u2019s six largest economies have proposed the \u201cphased\u201d introduction of a central oversight body for financial…\n","protected":false},"author":2,"featured_media":509958,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[25123,79,10119,179,18,9652,5766,2219,2220,6621,19,17,371,11024,392,379,383],"class_list":["post-509957","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-berlin","tag-business","tag-cryptocurrencies","tag-economy","tag-eire","tag-european-central-bank-ecb","tag-european-commission","tag-european-union","tag-france","tag-germany","tag-ie","tag-ireland","tag-italy","tag-luxembourg","tag-netherlands","tag-poland","tag-spain"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116662249318488012","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/509957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=509957"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/509957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/509958"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=509957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=509957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=509957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}