EU time-pressured to give supervisors more powers

Olivier Tabary/Olivier Tabary - stock.adobe.com

The European Council on Tuesday confirmed its position on the review of the European system of financial supervision. It maintained that supervisors should not be funded by private firms, but agreed to give the European Securities and Markets Authority (ESMA) more power. But there is now a rush to find an agreement with the European Parliament before its members go on leave for May’s elections.