The European Union aims to implement a comprehensive capital market integration reform package by 2027, according to EU Financial Services Commissioner Maria Louise Albuquerque. This initiative, announced on December 9th, marks the first time a timeline has been provided for these reforms. The European Commission plans to enhance the European Securities and Markets Authority's (ESMA) supervisory and enforcement powers, which will extend to cryptocurrency companies. The proposal, which requires approval from the European Parliament and the Council of the European Union, has encountered resistance from some member states. The reforms will centralize regulatory powers, bringing key financial entities such as clearinghouses, central securities depositories, and trading platforms under ESMA's jurisdiction. Additionally, the EU has committed to a thorough review of banking regulations by the end of next year, with the European Central Bank set to propose simplified banking supervision measures this Thursday.