Techub News reports, citing Reuters, that the European Central Bank supports the European Commission’s plan to further integrate EU capital markets through joint regulation, but also cautions that this move must be backed by sufficient personnel and funding. The plan, led by France and Germany, aims to strengthen the EU’s competitiveness by elevating financial market regulatory authority from the national level to the EU level. In a position paper, the European Central Bank said it fully supports strengthening, at the EU level, regulation of systemically important cross-border financial market participants, including major trading venues, central counterparties, central securities depositories, and crypto asset service providers. The European Commission proposes to transfer these regulatory responsibilities from national regulators to the European Securities and Markets Authority (ESMA), based in Paris.