The European Commission plans to expand the European Securities and Markets Authority (ESMA) powers to oversee stock and crypto exchanges across the EU.
The proposal aims to eliminate market fragmentation, lower cross-border trading costs, and strengthen competitiveness against the U.S. ESMA would gain authority to issue binding decisions in regulatory disputes and directly supervise key financial institutions.
Supported by ECB President Christine Lagarde and Mario Draghi, the reforms are part of a “markets integration package” due this December.
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