[ECB Governing Council Member Nagel: EU Banking Regulators Must Boldly Simplify Rules] According to a report by Jinse Finance, a senior official dedicated to simplifying the regulatory framework stated that European authorities should demonstrate courage in efforts to reduce the regulatory burden on banks, while not compromising their risk resilience. 'We should move forward boldly on this path,' said ECB Governing Council Member Nagel. 'Simplification is achievable—complex enough to be appropriate, yet as simple as possible.' Nagel is a member of a working group within the ECB focused on reducing the complexity of banking regulations. He emphasized that this should not be equated with deregulation. European officials are seeking to streamline the extensive regulatory measures introduced by the EU following the 2008 financial crisis, aiming to avoid placing European banks at a disadvantage compared to their U.S. counterparts. The U.S. is currently relaxing some of its own regulations.