Germany and France are requesting the European Commission for a package to simplify financial services in order to improve accessibility and efficiency of regulations.

In a letter addressed to the European Commission, the finance ministers of Germany and France, Lars Klingbeil and Roland Lescure, request an "ambitious package for simplifying financial services." They emphasize the need to revise EU legislation to ensure coherence and effective implementation of regulations while maintaining financial stability. Klingbeil stated that the EU is at a crucial moment and that member states must collaborate to strengthen the influence and sovereignty of the Union.

Among the simplification proposals are streamlining financial reporting, reducing bureaucracy, and simplifying rules for reporting cyber incidents. Officials mentioned that current regulations impose unnecessary requirements on small banks, which do not contribute to the efficiency of the system. They are also preparing a contribution to banking regulation, emphasizing that it needs to become simpler to facilitate investments in the real economy. EU leaders recently discussed reducing bureaucracy and connecting capital markets, considering that each member state has its own regulations, which complicates the business environment.