"European supervision of capital markets must be strengthened, we will mandate the Commission to explore this issue." The President of the European Council Charles Michel said this at the end of the EU summit.
The issue has been at the center of a clash between various EU countries, skeptical towards centralization (especially countries such as Ireland, Cyprus and Luxembourg, which have favorable jurisdictions). "The idea of capital union has been around for 10 years but today we have made substantial progress", assured Michel.