According to Reuters, the European Central Bank (ECB) said on Friday that it fully supports the centralized financial supervision plan proposed by the European Commission. The proposed plan would transfer regulatory authority over systemically important cross-border financial institutions—including large trading venues and crypto asset service providers—from national regulatory authorities of member states to the European Securities and Markets Authority (ESMA). It is understood that smaller member states such as Ireland and Luxembourg previously took a cool stance. The proposal is currently being subject to several months of legislative negotiations between EU governments and the European Parliament.