# EU finance ministers back weaker market watchdog

> EU finance ministers compromise on market oversight powers, but the European Commission and smaller countries say the deal favors Germany and France.
- Title: EU finance ministers back weaker market watchdog · POLITICO
- Summary: EU finance ministers compromise on market oversight powers, but the European Commission and smaller countries say the deal favors Germany and France. EU…
- Keywords: eu finance ministers, european securities and markets authorit, misp, financial markets regulation, european commission, deutsche börse, belgium, germany, france, politics, world, finance
- Source: POLITICO — https://politico.eu/article/finance-ministers-strike-market-deal-despite-brussels-objections
- Published: 2026-10-09T11:27:33+00:00
- Read time: 1 min
- Topics: eu finance ministers, european securities and markets authorit, misp, financial markets regulation, european commission, deutsche börse, belgium, germany, france, politics, world
## Ministers back weaker watchdog
EU finance ministers agreed Friday on a compromise to strengthen the bloc's securities regulator, but stopped short of giving it full autonomy over major financial players.
## Commission rejects the deal
Finance Commissioner Maria Luís Albuquerque told ministers the compromise falls significantly short of ambition needed. We need the European Securities and Markets Authority to become an effective supervisor.

> We deeply regret that the compromise now on the table falls significantly short of the level of ambition needed.
## France wins on national oversight
France pushed Thursday to limit how nine national supervisors can delay the watchdog's decisions. The Irish presidency tweaked the rule overnight to preserve the watchdog's power to act in emergencies.
## Stock exchange carve-outs spark anger
The deal shields stock exchanges from direct EU oversight unless they meet certain thresholds. Deutsche Börse and Bolsas y Mercados Españoles would benefit, while Belgium's Euroclear faces direct oversight and supervisory fees.
## Belgium takes fight to EU leaders
Belgian Finance Minister Jan Jambon said during Friday's debate: I think Germany has won in certain cases. Prime Minister Bart De Wever will raise the issue with EU leaders at the end of next week.

> I think Germany has won in certain cases.
## Parliament must now decide
Friday's deal puts pressure on MEPs to agree Parliament's position so negotiations on a final text can begin. The Commission hopes future legislative negotiations will provide a second chance to improve the text.
## Key takeaway

EU finance ministers agreed Friday on a compromise to strengthen the bloc's securities regulator, but the deal limits its autonomy and includes exemptions that critics say favor larger member states.