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Rents and evictions soar as house price inflation slows<\/p>\nA plan being driven by Europe\u2019s largest economies would see powers to oversee financial markets centralised at EU rather than national level, a proposed shift that would cause serious concern to Ireland and Luxembourg. <\/p>\n
A coalition of the bloc\u2019s big players, Germany, France, Italy, Spain, the Netherlands and Poland, known as the E6 group, are co-ordinating their positions in an attempt to break a years-long logjam, which has held up reforms of Europe\u2019s financial and capital markets. <\/p>\n
A draft paper sketching out one aspect of the proposed changes, seen by The Irish Times, envisages a significantly expanded role for the Paris-based European Securities and Markets Authority (ESMA). <\/p>\n
The plan would see the European regulator gradually take over more and more responsibility for oversight currently carried out by central banks and other national authorities. <\/p>\n
Ireland and Luxembourg have traditionally resisted any move towards a single, powerful, supervisory authority, for fear the position of Dublin and Luxembourg city as financial hubs will be threatened by companies and funds relocating to the French capital to be near the ESMA. <\/p>\n
An early draft of the internal working paper, dated April 30th , calls for ESMA to be turned into \u201ca true European supervisor\u201d. <\/p>\n
The paper is being drafted by the Dutch and Italian governments and has not been officially circulated to all European capitals for their views. <\/p>\n
Rents and evictions soar as house price inflation slows<\/p>\n
House price growth hit 6.5 per cent in March, the slowest rate in two years, offering some chink of light to those hoping to buy. For tenants however, the news is grim, with rents rising by 4.4 per cent in Q.1, the highest quarterly increase since 2022. While the number of eviction notices issued by landlords rose by 50 per cent in the same period. All that against the backdrop of new government rules around renting.To make some sense of these data points, Inside Business host Ciar\u00e1n Hancock is joined in studio by Marian Finnegan, CEO of Sherry Fitzgerald, the country\u2019s largest estate agent, and on the line by Irish Times Economics Correspondent Eoin Burke-Kennedy.In the second part of this episode, Ciar\u00e1n is joined by Irish Times business reporter Ian Curran who was in Toronto last week as part of the EY Entrepreneur of the Year awards programme. Ian highlights some of the business leaders who impressed, their sales pitch, and reaction to Canadian prime minister Mark Carney\u2019s group address as he seeks to wean Canada off its reliance on the US.Produced by John Casey with JJ Vernon on sound.<\/p>\n
The idea would be to \u201ccentralise\u201d the supervision of big players in the financial markets at EU level, as a way to pare back national barriers that often stop capital and investment cash flowing across borders within the 27-state bloc. <\/p>\n
It is hoped the reforms would make it easier for European companies to raise money and expand, without having to look to the US for investment funding. <\/p>\n
Most of the changes only require the backing of a qualified majority of EU states, rather than the unanimous agreement of all 27 governments.<\/p>\n
Ireland and Luxembourg will come under significant pressure to get on board with some version of the proposed reforms. However, it would be politically difficult for the group of big member states to trample over the concerns of the two small countries. <\/p>\n
The Department of Finance did not respond to questions about the proposed reforms.<\/p>\n