EU Bank Watchdogs Must Be Bold in Simplifying Rules, Nagel Says

European authorities should show courage in their efforts to reduce the regulatory burden on banks without undermining their resilience, according to a top official working on simplifying the rules framework.

“We should boldly move forward on this path,” Bundesbank President Joachim Nagel said in a speech in Frankfurt on Friday. “Simplification is feasible — according to the motto: as complex as necessary, as simple as possible.”

Nagel, a member of a European Central Bank task force looking into making banking rules less complex, said that this shouldn’t amount to deregulation.

European officials are seeking to streamline the mass of regulations ...