The finance ministers of the European Union’s six biggest economies said Friday they had agreed on steps to better integrate financial markets and make investments flow seamlessly across the bloc.
In a statement issued after a meeting in Berlin, the finance ministers of Germany, France, Italy, the Netherlands, Poland and Spain — the so-called “E6” — said they supported transferring more supervisory responsibility to the Paris-based European Securities and Markets Authority.
Some smaller EU states such as Ireland and Luxembourg had expressed reservations.
The EU has been trying for years to bring together its fragmented capital markets, in a bid to provide better investments for EU citizens and unlock more capital for the bloc’s businesses.
The idea languished for years amid bickering between member states, but has been given added impetus as Chinese industry races ahead and ties with the United States sour under President Donald Trump.
The EU’s latest plan to bring together markets is called the Savings and Investments Union, which builds on an earlier project.
The E6 ministers said in their statements that the proposals on market supervision and several other areas were aimed at contributing “to a genuine Savings and Investments Union”.
“We have striven to find a balanced compromise that reflects our stance and may serve as a contribution for further discussions in the (European) Council,” the statement said.
German Foreign Minister Lars Klingbeil said for his part that a capital markets union would be “a gamechanger to enable more investments in Europe — and for more jobs, for innovation and for growth”.
“That the six biggest economies in the EU are prepared to put national selfishness behind them and go forward is an important signal for the whole European Union,” he said.
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