Luxembourg, 08/06/2010 (Agence Europe) - Germany argued on Tuesday 8 June, at a discussion at the ECOFIN Council about progress in preparing the EU's new financial regulation package, that concessions should be made feasible and legally possible at the inter-institutional negotiations on the package. Concessions might take the form of moving back in the direction of the European Commission's initial proposals, giving greater powers to the three new EU supervision authorities (ESAs). The Spanish Presidency summed up the debate by saying that the Council should let the ESAs make binding decisions in emergency situations. The financial market ESA (ESMA) could, for example, be given greater power to scrutinise new products although not actually ban them, suggested a diplomat. The member states will not allow ESAs to supervise too-big-to-fail financial institutions and will not agree to the setting up of pan-European stability funds, two measures requested by the European Parliament's economic and monetary affairs committee (see EUROPE 10138). The politicians still aim to reach agreement on the new financial regulations in the July 2010 European Parliament plenary. (M.B./transl.fl)