Ireland, Luxembourg, Sweden and at least a dozen other countries have lined up against a French move to centralise supervision of financial markets amid fears it would lead to flight of capital and hard fought inward investment. Their opposition was raised amid proposals aimed at unlocking up to €9 trillion in private money held in the EU ranging from personal savings to pension funds, to finance defence and other big potential challenges such as another pandemic.
One diplomat said that 80% of private investment went to the US because there was not sufficient options for ordinary investments, outside the banking or government savings schemes. But some smaller countries fear “activity follows regulators” and they could lose their financial services and are determined to stop any bid by France or Germany to centralise supervision.
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