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Member states are split on harmonising supervision of capital markets, risking delays to the EU’s competitiveness agenda despite efforts from Brussels to integrate the single market.
EU countries remain divided over rules to harmonise the supervision of capital markets, despite Brussels pushing for swift integration of the single market to advance its competitiveness agenda.
The divisions stem largely from reluctance among some member states to cede national supervisory powers to the EU level — a recurring issue in the bloc’s legislative process.
The EU is stepping up efforts to boost its global competitiveness and reduce reliance on the US and China. To achieve this, member states are promoting a competitiveness agenda in which the integration of capital markets plays a central role.
The bloc aims to create a single market for capital, allowing money — including investments and savings — to flow freely across borders without regulatory barriers. Currently, capital markets are largely governed by national legislation, resulting in a fragmented landscape for businesses and investors.
Although some rules are harmonised across the EU, their implementation, supervision and enforcement differ, further contributing to fragmentation.
To address this, the European Commission has proposed harmonising rules and granting additional supervisory powers to the European Securities and Markets Authority (ESMA), which coordinates oversight of EU financial markets.
However, discussions among EU finance ministers in Brussels on Tuesday revealed no agreement and little progress at the technical level. This comes despite expectations that member states would deliver results by June, an EU diplomat told Euronews.
Capital markets are venues where individuals, companies and governments can raise and invest funds. They enable the buying and selling of financial assets such as company shares and debt instruments.
Supporters of deeper integration argue that it would lower costs and improve access to funding for companies, savers and investors.
According to 2025 data from the International Monetary Fund, internal barriers within the single market are equivalent to a tariff of 44% on goods and as much as 110% on services.
The European Commission reported that in 2024, the market capitalisation of EU stock exchanges stood at 73% of GDP, compared with 270% in the United States.
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