{"id":452109,"date":"2026-05-05T14:44:46","date_gmt":"2026-05-05T12:44:46","guid":{"rendered":"https:\/\/www.eunews.it\/2026\/05\/05\/gli-stati-non-vogliono-piu-europa-nei-mercati-finanziari-no-dellecofin-a-pieni-poteri-allesma\/"},"modified":"2026-05-05T15:07:46","modified_gmt":"2026-05-05T13:07:46","slug":"member-states-push-back-against-more-europe-in-financial-markets-ecofin-rejects-full-powers-for-esma","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2026\/05\/05\/member-states-push-back-against-more-europe-in-financial-markets-ecofin-rejects-full-powers-for-esma\/","title":{"rendered":"Member states push back against more Europe in financial markets; Ecofin rejects full powers for ESMA"},"content":{"rendered":"

Brussels – Member States reject direct<\/strong> and entirely EU-level supervision of financial markets. The Ecofin Council<\/a> is putting the brakes on a central element of the Commission<\/a>‘s competitiveness strategy proposal: the centralisation of European financial markets is not popular with virtually everyone. The idea that the European Securities and Markets Authority (ESMA) could replace national authorities in every respect is unpopular, and the debate on the issue has sparked an outcry, starting with Italy. <\/p>\n

“We believe in a pragmatic, gradual, and proportionate approach<\/strong>“, said the Minister for the Economy, Giancarlo Giorgetti<\/strong>, during the public session. In his view, “a more targeted perimeter of European supervision would be more appropriate than a generalised transfer,” which implies less Europe than what the Commission is calling for. What is needed, he argues, is “more European supervision where the added value is clear,” but looking ahead, “a clear model” is needed for how national and European supervision will operate. For Italy, the Treasury Minister insists, the need to “avoid duplication and additional costs” remains unchanged.<\/p>\n

At the meeting of the Ministers of Economy and Finance, the Czech Republic\u2019s position mirrors Italy’s<\/strong>, with the Minister of Finance, Alena Schillerov\u00e1<\/strong>, explicitly calling for \u201climited\u201d supervisory powers for ESMA, as, according to Prague, a complete transfer of powers is unthinkable. Austria, Belgium, Denmark, Malta, Luxembourg, Latvia, Lithuania, Poland, and Sweden share the same opinion. <\/strong>The line that seems to be emerging within the EU Council is that the role of the European Authority must therefore be limited, as Giorgetti requests, to the largest and cross-border entities, leaving smaller operators to the national authorities. Finland,<\/strong> too, is calling for \u201ccareful consideration\u201d of the possibility of direct supervision, also of small financial operators. France is also cautious<\/strong>: \u201cWe agree to ESMA supervision, provided it is limited,\u201d Bertrand Dumont<\/strong>, Director-General of the Treasury in Paris, stressed, calling for a \u201climited\u201d transitional phase leading from the current system to European supervision. Spain<\/strong> said it was open to \u201cmore centralised supervision,\u201d but the Secretary General of the Treasury, Paula Conthe Calvo,<\/strong> does not specify that she wants a system entirely controlled by Brussels. <\/p>\n

Then there is the group of cost-conscious <\/strong>ministers, who do not wish to spend money unnecessarily on duplication. This is the position expressed by the finance ministers of Belgium, Denmark, the Netherlands, Romania, Ireland, Latvia,<\/strong> and Poland, who are calling for measures to ensure that no money is wasted in this necessary reform of the European financial market framework.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the Ecofin Council, a broad front has emerged against the Commission\u2019s proposal for supervision by the European Securities and Markets Authority. At least 13 governments, including Italy, are calling for more limited powers<\/p>\n","protected":false},"author":494,"featured_media":452101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[25705],"tags":[27557,32746,26997,25829,33394,33947],"class_list":["post-452109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ecofin-en-2","tag-esma","tag-markets-financial-en","tag-giancarlo-giorgetti-en","tag-ue","tag-vigilanza"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/452109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/comments?post=452109"}],"version-history":[{"count":1,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/452109\/revisions"}],"predecessor-version":[{"id":452110,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/452109\/revisions\/452110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media\/452101"}],"wp:attachment":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media?parent=452109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/categories?post=452109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/tags?post=452109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}