At today’s meeting of the EU Economic and Financial Affairs Council (ECOFIN), the finance ministers of the 27 EU member states agreed on the main elements of the negotiating position for strengthening and better integrating European capital markets.
The initiative forms part of the Union of Savings and Investments (SIU) and aims to facilitate the channelling of savings into investments, support businesses, and enhance the EU’s competitiveness.
The measures include, among other things, a strengthened supervisory role for the European Securities and Markets Authority, a reduction in regulatory barriers and costs for companies operating in multiple member states, as well as the simplification of procedures for fund managers. At the same time, the use of new technologies in financial transactions is being promoted.
The agreement represents an important step towards creating a more unified and effective European capital market.
The issue will be discussed in the Council and, subsequently, negotiations will begin for its adoption in the European Parliament.
SOURCE: ANA-MPA