Ireland Pushes EU Capital Markets Deal by October, Seeking Backing From 9 More States
Updated
Updated · Financial Times · Jul 24
Ireland Pushes EU Capital Markets Deal by October, Seeking Backing From 9 More States
1 articles · Updated · Financial Times · Jul 24
Summary
Simon Harris wants EU finance ministers to reach an agreement in October on capital markets reforms after winning an earlier commitment this month to try to close the file.
The plan would give the Paris-based European Securities and Markets Authority direct oversight of major market players, including stock exchanges and crypto trading platforms, as the bloc tries to deepen financial integration.
Support is still fragmented: even backers such as Germany, France, Italy, Spain, Poland and the Netherlands want carve-outs, while Harris also needs at least nine more countries, including opponent Luxembourg, to secure a majority.
One flashpoint is a proposal letting asset managers passport funds across the EU after a single approval, a change that could cut Ireland’s and Luxembourg’s share of fund domiciles.
Ireland, which took over the EU presidency this month, is using its neutral brokering role to press capitals to weigh the costs and benefits of compromise amid fast-moving geopolitical change.