EU finance chiefs reach preliminary deal on markets supervision

The package aimed at reducing national barriers that impede the flow of capital in the bloc must still be agreed with the European Parliament before ratification.

Finance minister Simon Harris hailed the deal as 'a major step forward for a deepened savings and investments union'. Picture: Clodagh Kilcoyne/PA

European Union member states reached a deal to revamp of market supervision after a decade-long effort to reduce national barriers and spur private financing.

Finance ministers in Luxembourg today agreed on the so-called Markets Integration and Supervision Package, or MISP, that will centralise supervision and enforcement under the Paris-based European Securities and Markets Authority.