The European Central Bank (ECB) has attacked EU governments for not giving it the last word in supervising euro securities clearing. The governments have given that power to The European Central Bank (ESMA) and national supervisors. The ECB has now tried to stop its own rules changing to make it follow ESMA ’s decisions. FILE PHOTO: The European Central Bank currently dominates the clearing of euro-denominated financial contracts, but since the UK vote EU authorities have been trying to take control of the market in the Brexit and the bloc.
The European Central Bank (ECB) has attacked EU governments for not giving it the last word in supervising euro securities clearing. The governments have given that power to The European Central Bank (ESMA) and national supervisors. The ECB has now tried to stop its own rules changing to make it follow ESMA ’s decisions. The European Central Bank currently dominates the clearing of euro-denominated financial contracts, but since the UK vote EU authorities have been trying to take control of the market in the Brexit and the bloc.