European Commissioner for Financial Services Maria Luís Albuquerque, speaking at the European Securities and Markets Authority (ESMA) conference in Paris on 21 May 2026, argued that deeper EU capital market integration requires giving ESMA stronger direct supervisory powers and a more integrated supervisory culture. She described the proposed Market Integration and Supervision Package (MISP) as a non-ideological step to build scale, trust, and strategic flexibility, and urged co-legislators to conclude negotiations by year-end as agreed in the 'One Europe, One Market Roadmap'.
Albuquerque praised ESMA's 15-year track record, noting its evolution from supervising credit rating agencies in 2011 to overseeing trading repositories, benchmark administrators, ESG rating providers, and consolidated tape providers. She stressed that supervision is central to building investor trust and enabling cross-border capital flows, and that the MISP would establish a new balance between ESMA and national authorities, combining efficiency with respect for diverse investor cultures.
strengthening ESMA's supervisory convergence powers and expanding its direct supervision mandate where it can have greatest impact on market integration. Albuquerque framed this as a political choice, not a technical exercise, and linked it to financing EU priorities such as defence, innovation, and the green and digital transitions. She acknowledged that supervision remains one of the most sensitive topics in the package, but argued that national competent authorities would not lose out if central supervision becomes more credible and efficient.
Albuquerque did not provide numerical targets or budget figures, but set a clear deadline of end-2026 for concluding MISP negotiations, referencing the roadmap signed by Council, Parliament, and Commission. She called for determined action beyond declarations, and emphasised that scale in capital markets would allow capital to move quickly to where it is needed, benefiting companies, investors, and retail citizens.
EU regulatory bodies (ESMA would gain direct powers and convergence tools, increasing its influence and resources); national competent authorities (would see responsibilities shift in specific sectors, potentially reducing their direct control but benefiting from more consistent EU-wide rules); EU financial market participants (would face more predictable, harmonised supervision, lowering cross-border compliance costs but requiring adaptation to new EU-level oversight); retail investors (would gain from more transparent, accessible markets and stronger investor protection, though some products may become more standardised).
The speech signals a moderate shift toward centralised EU supervision, balancing market integration with respect for national diversity. Albuquerque's tone was constructive and forward-looking, with no open disagreement with other institutions, though she implicitly challenged member states to accept greater EU-level authority.
← Atlas › News › Economy & Taxation