Whereas the Council of the EU seems to be adopting a highly conservative approach (see EUROPE 11899), Parliament's co-rapporteur, Pervenche Berès (S&D, France), is arguing for a realistic but still ambitious reform of the three European financial supervisory authorities (ESA): ESMA, EBA and EIOPA, which supervise the financial markets and the banking and insurance sectors respectively (see EUROPE 11864).
Although the European Commission chose not to “overturn the financial supervisory...