Europe’s top finance regulators have warned that a proposal to grant a trio of microstates more access to the European Union’s single market presents a “fundamental risk” to the bloc’s financial integrity.
In a joint letter, dated June 22, 2023, the chairs of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority outlined “strong concerns” about the “ongoing negotiations” of an association agreement between the EU and San Marino, Monaco and Andorra.
The three tiny countries, with a combined population of roughly 150,000,…
