EU countries agree on financial market oversight, despite Commission criticism

French Finance Minister Roland Lescure quotes and parodies English football legend Gary Lineker in his comments on Friday’s agreement in Luxembourg.

“The EU is a game with 27 (countries) that often lasts longer than 90 minutes, and the EU is ultimately the winner,” says Lescure of the compromise on the powers of the EU authority ESMA in Paris.

However, EU Capital Markets Commissioner Maria Luis Albuquerque is unhappy that several large institutions are exempt and hopes the EU countries’ position will change after negotiations with the EU Parliament.

“The downsizing sends the wrong signals,” says Albuquerque.

The agreement is part of efforts to create a “savings and investment union” to unlock more private capital for investment in Europe.