At the 10 July 2026 Economic and Financial Affairs Council, Irish Presidency Chair Simon Harris set an October 2026 deadline for Council agreement on the Market Integration and Supervision Package (MISP), part of the Savings and Investment Union. Commissioner for Financial Services Maria Luís Albuquerque warned that incremental change would fail citizens and businesses, stressing that supervision must match market integration with ESMA gaining direct authority over significant cross-border players. European Central Bank representative Christine Lagarde backed the Commission proposal, calling fragmented supervision a 'competitiveness tax' and urging no carve-outs. Belgium supported objective criteria for supervision but stressed proportionality and strong national competent authority involvement. Greece endorsed the political commitment, framing the technical work as a 'collective Monnet' method. The Netherlands backed single ESMA supervision for large pan-EU entities and an independent executive board. No formal divergences emerged; all speakers aligned on the October timeline and ambition. Next steps involve technical work to resolve open issues, aiming for a general approach in October. Affected stakeholders include trading venues, central counterparties, central securities depositories, asset managers, and investors.
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