EU proposes measures to boost capital market competitiveness
The European Commission unveiled proposals on Thursday aimed at making the EU's capital markets more competitive by simplifying cross-border operations and expanding the powers of the European Securities and Markets Authority (ESMA).
The EU faces challenges competing with the U.S., China, and other economic rivals, with its stock exchanges’ market capitalization at 73% of GDP, compared with 270% in the U.S. The Commission’s measures are designed to channel more private savings into the real economy, streamline corporate structures and licenses across borders, and relax limits on digital ledger technology, News.Az reports, citing Reuters.
Under the proposals, ESMA would assume broader oversight of major financial infrastructure, including trading venues, central counterparties, central securities depositories, and crypto-asset providers. The plan follows concerns over uneven application of the EU’s new crypto regulations and calls from France, Italy, and Austria for central supervision of major crypto firms. Some member states, including Malta, oppose expanding ESMA’s authority over crypto supervision.
The proposals require approval from both EU governments and the European Parliament and aim to strengthen the single market for services while fostering deeper and more efficient capital markets across the bloc.
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