Finance
Finance and Markets
Luxembourg Resists Handing Its EUR 7-Trillion Fund Industry to a Single EU Supervisor
EU finance ministers clashed on 5 May 2026 over a plan to turn the Paris-based ESMA into a frontline supervisor of clearing houses, depositories, trading venues and crypto firms. Luxembourg, the bloc's largest fund domicile with assets above EUR 7 trillion, joined Austria, Belgium, Denmark and others in rejecting full centralisation. A leaked paper from six big states has since intensified fears that funds could drift toward Paris.