Germany and France have called on the European Commission to simplify financial services legislation, Reuters reports, referring to a letter from the two countries' finance ministers to Maria Luis Albuquerque, the European Commissioner for Financial Services.
"France and Germany have called on the European Commission to present a 'financial services simplification package' to make EU rules clearer and less burdensome for companies," the agency noted.
In the letter, the ministers specifically write that selective changes in future legislation are not enough and that the EU must also simplify existing rules to strengthen the single market for financial services and improve the global competitiveness of European institutions.
