Deeper EU capital markets benefit Netherlands
De Nederlandsche Bank (DNB) supports the European ambition for a deeper and more integrated capital market, particularly the Market Integration & Supervision Package (MISP). Steven Maijoor presented DNB's perspective at a round table in the House of Representatives on June 17, 2026.
Centralised supervision for efficiency
DNB believes a better functioning European capital market will greatly benefit the Netherlands, an open economy with a developed capital market.
The central bank supports direct ESMA supervision of significant market infrastructures, especially those operating across the EU.
This centralisation offers clear advantages by reducing fragmented and inefficient oversight, limiting regulatory arbitrage, pooling expertise and data, and providing a single point of contact for cross-border firms.
Such a unified approach is seen as a crucial element for the success of the Savings and Investment Union (SIU) and can also provide significant financial stability benefits by monitoring and addressing cross-border risks at a European level.
DNB's four priorities for MISP
While centralisation is not a complete solution, DNB emphasizes that a successful SIU primarily depends on allocating more savings towards capital market investments and tackling structural barriers like differing insolvency laws.
DNB outlines four key priorities for the MISP: First, ESMA's governance, when taking on direct supervision, must reflect the continuing responsibilities of non-ESMA authorities like central banks, particularly for CCPs and CSDs.
Second, ESMA should assume full prudential supervision where trading venues fall under its direct oversight to avoid inefficient cooperation structures.
Third, ESMA needs a stronger macroprudential role for investment funds to address financial stability risks not managed nationally.
Finally, supervision must be efficient and cost-conscious, avoiding duplication between ESMA and national authorities, as also noted by the IMF.
Ambitious vision, complex implementation
The Market Integration & Supervision Package represents a crucial step towards a more integrated European capital market, yet its success hinges on overcoming significant structural barriers beyond mere centralisation.
While DNB's support is clear, the outlined priorities underscore the intricate governance and operational challenges that demand careful institutional design.
Ultimately, the package's true impact will be measured by its ability to genuinely reduce fragmentation and foster efficient capital allocation, rather than simply adding layers of complexity.