Finance ministers \u2060from the EU\u2019s six \u2060biggest economies (E6) have agreed a \u2060common position on a European Commission proposal for joint capital markets supervision, Germany\u2019s finance ministry said on Friday.<\/p>\n
The push for financial market players to be supervised at a European Union rather than national level is part \u200cof a bid to boost the bloc\u2019s competitiveness as it struggles with weak growth and fierce competition from the United States and China.<\/p>\n
Supervision of significant market infrastructure will be gradually transferred to the European Securities and Markets Authority (ESMA) in Paris, the finance ministers from Germany, France, Italy, Poland, Spain and the Netherlands agreed \u2060after they met in Berlin on Thursday to discuss the issue.<\/p>\n
\u201cThe fact that the EU\u2019s \u200csix largest economies are prepared to leave national self-interest behind and move forward together is an important signal for the entire European \u200cUnion,\u201d German Finance Minister Lars Klingbeil said in a statement.<\/p>\n
The \u2060European Commission presented \u2060its plan to better integrate EU capital markets in December.<\/p>\n
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ESMA\u2019s governance structure must be set up efficiently: expertise, \u200csupervisory and market experience, and geographical balance should play a decisive role, the ministers agreed in a paper seen \u200cby Reuters \u200con Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"Finance ministers \u2060from the EU\u2019s six \u2060biggest economies (E6) have agreed a \u2060common position on a European Commission…\n","protected":false},"author":2,"featured_media":705035,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,79354,99,512,343029,164,343026,19210,29021,343027,2592,5717,30613,2591,5427,74093,1055,343028],"class_list":["post-705034","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-berlin","tag-business","tag-china","tag-e6","tag-economy","tag-esma","tag-eu","tag-european-commission","tag-european-securities-and-markets-authority","tag-france","tag-germany","tag-lars-klingbeil","tag-paris","tag-poland","tag-reuters","tag-united-states","tag-weak-growth"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/705034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=705034"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/705034\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/705035"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=705034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=705034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=705034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}