In an interview with Central Banking's Thomas Chow published earlier this month, Elizabeth McCaul, former Member of the Supervisory Board of the European Central Bank (ECB), suggested that simplification and innovation could help supervisors respond more effectively to the risks they face today.
Much of the regulatory regime in the EU was established at the formation of the Banking Union following the Global Financial Crisis, she recounted. And while many of those rules were necessary to rebuild trust in the financial sector and markets in that environment, it would be reasonable to look to simplify any regulations that are "unduly complex," McCaul acknowledged. However, she stressed the distinction between simplification and deregulation.
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