The European Central Bank establishes a new working group to simplify banking supervision

According to Bloomberg, the European Central Bank has established a new working group led by the governors of the central banks of Germany, France, Italy, and Finland, aimed at simplifying European banking regulatory rules. This move may trigger internal tensions with the regulatory department of the European Central Bank, as the latter insists on maintaining high standards of supervision and is concerned that simplification measures will be used by political forces to promote the relaxation of banking regulation.