All posts tagged: Transition/implementation period

EU’s big 6 pitch a rival to Wall Street – POLITICO

EU’s big 6 pitch a rival to Wall Street – POLITICO

Published by Sam Flores

Back-to-back crises have limited the power of the public purse, so policymakers are hoping professional financiers and savers can do the heavy lifting by putting their money to work in the right places. EU citizens alone have €11 trillion of cash savings sitting in their bank accounts. But vying interests from within the industry and national governments, such as Ireland and Luxembourg, threaten to derail negotiations. That’s convinced the E6 group to agree on the fundamentals among themselves to speed the process along, triggering fears of a two-speed Europe in which some countries are left behind. “I don’t think a separate structure is feasible, because it would conflict with the prevailing perception in all member states today that fragmentation must stop,” Cyprus’ Finance Minister Makis Keravnos, who currently chairs Ecofin meetings, told POLITICO. Devil in the detail The broad strokes of the deal paper over internal divisions within the E6. While all six governments agree on upgrading the EU’s securities regulator into a supercop for the bloc, they disagree on how fast the process should …

EU’s big six reach deal on key markets package – POLITICO

EU’s big six reach deal on key markets package – POLITICO

Published by Sam Flores

One of the thorniest issues involves giving more supervisory powers to the EU’s markets body, the European Securities and Markets Authority (ESMA). France and Spain pushed to give ESMA sweeping new powers immediately, while Italy and the Netherlands pushed for a transition period of up to eight years. The discussions ended with the E6 agreeing to expand ESMA’s powers “as soon as possible” but without including a specific timeline, said two of the officials. In the final stages of the negotiations, German Finance Minister Lars Klingbeil left the room to consult with his aides in the gardens of the countryside mansion in Berlin where the meeting was being held. Earlier in the day, Klingbeil told reporters that he was “ready to make concessions” to secure a deal. The signatories of the agreement now face an uphill battle to advance a broader political agreement among the EU’s 27 countries, including arch skeptics Ireland and Luxembourg. In order for the EU to finalize a deal, it must be approved by 15 countries representing at least 65 percent …