EU Proposes Centralized Financial Oversight

EU Proposes Centralized Financial Oversight: A Power Shift Towards ParisThe European Union is considering a significant overhaul of its financial supervision, aiming to centralize the oversight of large, cross-border financial companies. This move would transfer power from individual nations to the EUs securities regulator in Paris, aiming to create a more unified capital market like the U.S. and boost the EUs economy. However, this proposal faces opposition from EU treasuries concerned about losing national control and smaller countries worried about financial firms relocating. The proposed changes would strengthen the European Securities and Markets Authority, making it independent of political interference, to react quickly to financial crises involving firms operating across multiple countries. This push for a stronger capital market gains momentum as the EU seeks to compete with economic powerhouses and unlock trillions in cash savings for investment and startup funding.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.