Several top European Central Bank (ECB) officials have advocated for scaling back the central bank's supervisory role to reduce regulatory burdens on Europe's lenders, as reported by Bloomberg.
These officials have urged a newly formed ECB Task Force to revisit the criteria that determine whether a bank is "significant" and should fall under direct ECB oversight. A "meaningful reduction" in the number of banks supervised would mark the most substantial change since the ECB's Single Supervisory Mechanism was created after the global financial crisis.
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