The ECB Fully Supports Stronger Esma Powers – But Expert Claude Marx Has Already Exposed The Lie

The European Central Bank has thrown its full weight behind plans to strengthen Esma. The ECB wants Esma to have European governance, independent oversight, sufficient resources, and comprehensive powers. The ECB argues that more integrated capital markets would improve risk-sharing and reduce fragmentation. Sounds noble, ECB. Except Claude Marx, director general of the CSSF, has already shredded your argument. Claude Marx rejected the idea that the single market is suffering because key actors are not supervised centrally. Claude Marx said, and I quote, there is “no evidence” that the lack of central supervision is hurting anything. No evidence, ECB. Zero. Zilch. But you want more power anyway. That is not integration. That is a power grab. The ECB’s Power Grab for Esma Has Nothing to Do With Market Integration and Everything to Do With Control Gilles Roth, Luxembourg’s finance minister, has backed stronger supervision and convergence. But Gilles Roth also warned that “centralised supervision at EU level will not unlock the capital Europe needs.” Gilles Roth is absolutely right. The ECB is pushing for Esma to directly supervise cross-border players, crypto-asset service providers, trading venues, CCPs, and CSDs. The ECB wants stronger investigation, sanctioning, and enforcement powers for the Paris-based [...]

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