France and Germany Push for Simplified EU Financial Services

In an unprecedented collaboration, France and Germany have jointly called upon the European Commission to propose an ambitious 'Financial Services Simplification Package.' Citing a letter obtained by Reuters, the request seeks to alleviate the complexities of current EU financial regulations to benefit businesses.

German Finance Minister Lars Klingbeil and French counterpart Roland Lescure urge a comprehensive review of existing financial frameworks, aiming for better coherence and implementation. They highlight that, unlike the U.S. and UK, Europe must accelerate its financial integration or risk falling behind global competitors.

Key areas for simplification, as noted in the letter to Commissioner Maria Luis Albuquerque, include streamlining reporting procedures and prioritizing real-world efficacy over bureaucratic burdens. This proposed effort is crucial for Europe's financial stability and competitiveness, according to the ministers.