EU finance ministers back markets watchdog deal despite Commission objections
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EU finance ministers reached a compromise at Friday's Ecofin meeting in Luxembourg to strengthen the bloc's markets supervisor, but the deal gives national regulators strong checks on the watchdog's work. The European Commission "deeply regrets" the outcome, with Finance Commissioner Maria Luís Albuquerque saying it "falls significantly short" of the ambition needed for the European Securities and Markets Authority to be an effective supervisor. A central provision allows nine national supervisors to force the watchdog's executive board to submit draft decisions for further scrutiny. France pushed last-minute to bolster the watchdog's executive powers over dinner on Thursday.
Continue in the app — vote & join in ➔Source: Politico Europe · via ahirlevel.hu