{
  "id": 13139784,
  "title": "Finanzpolitik: Nach „zähen und heiklen Verhandlungen“: Europas Kapitalmarktunion startet mit angezogener Handbremse",
  "url": "https://urgent.news/2026/10/09/finanzpolitik-nach-zahen-und-heiklen-verhandlungen-europas",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T14:36:27.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/politik/international/finanzpolitik-europas-kapitalmarktunion-startet-mit-angezogener-handbremse/100260498.html"
  },
  "original_language": "de",
  "account": "After weeks of grueling and sensitive negotiations, European finance ministers have agreed to launch a capital market union for Europe, albeit with a built-in brake. The compromise represents a watered-down version of the European Commission's proposed Market Integration and Supervision Package (MISP). Instead of full market oversight, member states are now allowed exemptions for several trading venues and a weakening of the originally envisioned oversight mechanisms. Diplomats involved in the process in Brussels revealed that this agreement came after \"hard and delicate negotiations.\" Even as the meeting in Luxembourg concluded, ministers discussed further changes to the original Commission proposal during an evening meal, resulting in additional modifications. The final agreement leaves substantial financial matters out of the central oversight of the European Securities and Markets Authority (Esma) in Paris and proposes a significantly weaker oversight structure compared to what the Commission initially demanded. Ireland's Finance Minister, Simon Harris, openly described the compromise as a \"romantic notion\" – one that \"doesn't function the European Union, doesn't function democracy, and doesn't function 27 member states coming together to work on common issues. It's about finding pragmatic solutions.\" His country was currently holding the EU presidency and had to draft the proposal. The negotiations were particularly focused on Deutsche Börse, which received exemptions from direct Esma oversight for its domestically oriented trading venues, causing discontent among other member states. Financial Commissioner Maria Luís Albuquerque expressed disappointment on Friday, criticizing the Council for aligning too closely with national interests and watering down the reform. Her concerns: The text removes four trading venue groups, three central counterparties (CCPs), and two central securities depositories (CSDs) from direct Esma oversight – including the domestically focused trading venues of Deutsche Börse. Diplomats on the sidelines of the summit suggested that Germany and Luxembourg had prevailed with their demands. Luxembourg had specifically called for weaker governance than what the Commission had proposed. Germany, on the other hand, sought exemptions for the Frankfurt Stock Exchange from central oversight. Belgium abstained on Friday, warning that the exemptions and special regulations introduced by EU ministers would lead to \"fragmentation\" of the EU market and additional \"competitive distortion\" – precisely what the common oversight was meant to avoid. Germany's Finance Minister, Jan Jambon, claimed that Berlin had \"won in some cases.\" Belgium's Premier Bart De Wever plans to discuss the issue at the EU summit next week in Brussels, potentially causing further controversy and calls for stricter governance guidelines. Denmark also reluctantly sided with the compromise and explicitly criticized the new exemptions. Its ambassador to the EU, Carsten Grønbech-Jensen, said his country had hoped for a more ambitious reform to deliver tangible improvements for market participants. The capital market union and the common oversight that comes with it are seen as the first concrete test case of reforms aimed at making the EU more competitive and attractive for startups. It is one of the central demands of Mario Draghi's report, in which the former European Central Bank president called for the complete integration of European capital markets. The reform with exemptions was also shared by German Chancellor Friedrich Merz. \"We need a sort of European Stock Exchange so that successful companies like Biontech from Germany don't have to go to the New York Stock Exchange,\" Merz said in the Bundestag a year ago. However, Berlin has weakened this ambition with the exemptions, diplomats complained. The completion of the EU capital market union has been moving slowly for a long time. The goal is to increase liquidity and mobilize more European capital for companies within the EU. Smaller member states like Luxembourg are skeptical about centralized European oversight as they compete through comparatively less strict oversight rules to secure financial transactions and don't want to lose this competitive advantage. Germany also wanted exemptions from central oversight. Specifically, the compromise defines a \"significant\" exchange as one that either: first, accounts for at least five percent of the relevant EU trading volume and belongs to a group operating exchanges in at least two member states; or second, achieves at least 15 percent of the trading volume on its own and has at least 85 percent of its turnover in equities, ETFs, and bonds. Based on EU Commission estimates, around eight exchange groups would fall under central oversight. These numbers sparked debate among EU diplomats.",
  "summary": "Die Finanzminister einigen sich auf eine löchrige EU-Marktaufsicht. Doch der Kompromiss entfacht einen Konflikt über Wettbewerbsverzerrung. Belgien fordert neue Gespräche beim EU-Gipfel.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}