The EU's six largest economies, led by Berlin and Paris, are advocating for a significant shift in financial regulation. They want critical cross-border financial entities like large stock exchanges and central counterparties to be supervised at the EU level, specifically by the European Securities and Markets Authority (Esma), rather than by individual member states. This move aims to unify the bloc's fragmented capital markets, boosting competitiveness against challenges like Chinese exports and US tariffs.

The proposal, detailed in a joint letter to the European Commission, seeks to move towards centralised supervision for these key entities while avoiding duplication. The goal is to achieve a qualified majority of at least 15 countries representing 65% of the EU population by summer 2026.