Germany backs centralized EU financial oversight, signaling CMU push

Germany has signaled a shift toward centralized EU financial supervision by backing Esma expansion, arguing a stronger, more coordinated EU capital markets is worth sacrificing some national control. Berlin and five other large EU economies are pursuing a common transition timeline for Esma to oversee large cross-border markets, with hopes to secure broader agreement this year, while still negotiating issues like joint debt and bank deposit backstops.