EU finance ministers agree to expand powers of market watchdog ESMA

European Union finance ministers agreed on Friday to give the central financial markets watchdog greater oversight powers, Euronews reported. The deal was struck at a meeting of finance ministers in Luxembourg. [1]

According to Euronews, the Market Integration and Supervision Package will give the European Securities and Markets Authority direct authority over major market operators. National authorities currently supervise those operators. The measure aims to make cross-border investment easier and assist businesses in raising capital across the bloc. [1]

Euronews reported that differences in supervision, enforcement, and implementation across member states have contributed to fragmentation in financial markets, despite some rules being harmonized across the European Union. [1]

European Union law operates as a system of supranational laws within the 27 member states of the bloc. The constitutional structure is formed by treaties agreed to by those member states. [2]