One of the thorniest issues involves giving more supervisory powers to the EU’s markets body, the European Securities and Markets Authority (ESMA).
France and Spain pushed to give ESMA sweeping new powers immediately, while Italy and the Netherlands pushed for a transition period of up to eight years.
The discussions ended with the E6 agreeing to expand ESMA’s powers “as soon as possible” but without including a specific timeline, said two of the officials.
In the final stages of the negotiations, German Finance Minister Lars Klingbeil left the room to consult with his aides in the gardens of the countryside mansion in Berlin where the meeting was being held.
Earlier in the day, Klingbeil told reporters that he was “ready to make concessions” to secure a deal.
The signatories of the agreement now face an uphill battle to advance a broader political agreement among the EU’s 27 countries, including arch skeptics Ireland and Luxembourg.
In order for the EU to finalize a deal, it must be approved by 15 countries representing at least 65 percent of the EU population.
