EU-Market Integration and Supervision Package

Seven recommendations for stronger capital markets in Europe

The aim of the EU Market Integration and Supervision Package (MISP) is to strengthen Europe’s capital markets. The Association of German Banks sets out what is needed now to achieve this.

Competitive banks and capital markets are essential for Europe’s sovereignty, growth and prosperity. They finance investment in infrastructure, digitalisation, defence and the transition to a sustainable economy. The investment required is high. A large share of this capital must be mobilised from the private sector.

The MISP should create the right conditions for this to happen. From the association’s perspective, Europe needs simple and proportionate rules, greater liquidity, deeper market integration and a clear separation of roles between banks and market infrastructures.

Our “EU Market Integration and Supervision Package” position paper highlights seven key recommendations: simplifying post‑trade processes, strengthening legal certainty, promoting innovation and further refining market supervision. The aim is an integrated, efficient and internationally competitive European capital market.

The seven recommendations at-a-glance:

1. Recognise the difference between banks and market infrastructures.
2. Simplify and harmonise post-trade processes.
3. Make European competitiveness a core element of ESMA’s mandate.
4. Strengthen legal certainty and market integration.
5. Promote innovation.
6. Further refine the proposal for a depositary passport. 
7. Further develop the supervisory toolbox with a targeted and pragmatic approach