EU like Wall Street? Six countries reach agreement on major markets package
The EU's six largest countries have reached an agreement to move forward with a plan to transform the bloc into a Wall Street-style financial market. The deal reached in Berlin after hours of negotiations is a significant step in a decade-long plan to transform the EU into a major American-style investment powerhouse.
Finance ministers from Germany, France, Spain, Italy, Poland and the Netherlands, known as the “E6”, reached a compromise on key aspects of the EU’s market integration and surveillance package (MISP).
One of the most contentious issues involves giving more supervisory powers to the EU's markets body, the European Securities and Markets Authority (ESMA). France and Spain called for ESMA to be given new, comprehensive powers immediately, while Italy and the Netherlands called for a transition period of up to eight years. The E6 eventually agreed to extend ESMA's powers "as soon as possible", but without including a specific timeframe.
The signatories of the agreement now face an uphill battle to push forward a broader political agreement among the 27 EU countries, including staunch skeptics Ireland and Luxembourg.
For the EU to finalize an agreement, it must be approved by 15 countries representing at least 65 percent of the EU's population.
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