The European Central Bank should take charge of regulating big investment banks in the eurozone, according to a proposal to be presented by the European Commission, the latest move to stop individual European countries from luring Brexit-hit banks with the promise of looser rules.

Currently, banks’ European broker-dealer operations are overseen by a patchwork of national authorities. The commission, the EU’s executive arm, wants to forestall local regulators from offering sweeteners to entice large investment banks like Goldman Sachs and JPMorgan as they search for new EU bases after the UK quits the trading bloc.