Note on EIOPA's views for better regulation and supervision

Bolder, Simpler, Faster: EIOPA’s views for better regulation and supervision Board of Supervisors PUBLIC EIOPA-BoS-25/118 08 April 2025 CONTENTS 1. General Context 3 2. EIOPA’s approach to Simplification and Burden Reduction 3 3. Conclusions 7 1. GENERAL CONTEXT 1.1 In an era of geopolitical and economic instability, Europe must increasingly act as a single entity. To enable Europe to catch up and maintain a competitive edge over its global competitors, a cohesive and strategic approach is essential. Europe can no longer rely as heavily on strong external demand as it has in the past – strengthening internal demand is now crucial. This requires enhancing the competitiveness of the Single Market while ensuring robust consumer protection and a level playing field for businesses. 1.2 Competitiveness can be defined in many ways, but at its core, it is about ensuring a high standard of living for EU citizens, fostering a thriving and resilient economy, and maintaining the overall security of the Union. 1.3 Currently, as highlighted in the European Commission’s Competitiveness Compass, competitiveness is being translated into regulatory simplification and burden reduction (SBR). SBR could indeed help the EU economy allocate resources more efficiently and foster growth. Excessive or ineffective regulations hinder progress – simplification thereby offers an opportunity to better serve consumers, society and the EU economy by focusing on outcomes. 1.4 When...