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For Esma to triumph as supervisor, it must stop being Esma

Europe’s markets watchdog may soon have sweeping new powers, but experts say it will have to shed its reputation as slow, expensive and process-driven if it is to succeed

Montage of a skyscraper construction sight with Esma signage being lowered onto the structure
Credit: Risk.net montage

In the corridors and chambers of Brussels, the buzzword is integration. The power-brokers of the European Union insist the bloc’s economy is lagging in competitiveness. One way to fix the problem, they believe, is to weld together the disparate parts of the region’s capital markets into one smooth-running whole.

The emergence of a protectionist US administration that is avowedly hostile to the EU

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