Six major EU economies—Germany, France, Italy, Spain, Poland, and the Netherlands—are pushing for deeper integration of European capital markets and stronger centralized supervision. The group urged EU institutions to finalize the “Market Integration Package” by summer 2026 to shift supervisory duties to the European Securities and Markets Authority (ESMA) and create a unified Capital Markets Union.
The European Commission first published the “Market Integration Package” in December 2025. It centers on a “Master Regulation” to eliminate cross-border barriers. The overhaul targets the Market Abuse Regulation (MAR) and amends MiFID II, MiFIR, AIFMD, UCITS, and SFDR to remove fragmentation across member states.
The agreement transfers supervisory duties from national authorities to ESMA. Under the new rules, ESMA will directly supervise “significant” crypto-asset service providers (CASPs) and various trading venues. This shifts ESMA from a coordinator of national regulators into a direct supervisor with enhanced enforcement powers and an Executive Board.
Industry reactions are generally supportive. Euronext stated the package can build “liquid and efficient European markets” by addressing fragmentation and strengthening post-trade infrastructure. The European Banking Federation called for a “modern, fit-for-purpose regulatory framework” to support the integration.
The legislative push aligns with the “Savings and Investments Union” (SIU) strategy, which aims to mobilize European retail savings to fund strategic growth and increase financial competitiveness against the US and China. Commissioner Maria Luís Albuquerque signaled Commission backing for this “new era” of supervised integration during a Paris conference on May 21.
The group of six economies urged EU institutions to finalize the Market Integration Package by summer 2026 to accelerate the shift toward a unified Capital Markets Union and ensure the new supervisory framework is operational for the upcoming fiscal cycle.