PANews reported on April 10 that, according to Reuters, the European Central Bank ( ECB ) has formally supported the European Commission's proposal for centralized financial supervision, advocating for the centralization of oversight of systemically important cross-border financial institutions from member states to the EU level. The proposal aims to transfer oversight of major trading venues, central counterparties, central securities custodians, and crypto asset service providers from national regulators to the European Securities and Markets Authority ( ESMA ) in Paris. The ECB emphasized in its opinion that this is an important step in deepening the integration of EU capital markets and financial supervision, but requested sufficient resources and staff for ESMA and suggested a phased transfer of regulatory authority to minimize disruption. This opinion is necessary for the legislative process but is not binding; the relevant proposals still need to be negotiated and approved by EU member states and the European Parliament.