EIOPA follows a comprehensive and balanced approach to simplification amid push for competitiveness

The European Insurance and Occupational Pensions Authority (EIOPA) published today its approach to supporting the objective of simplifying regulation and reducing administrative burdens for enhanced European competitiveness. To achieve a balanced and credible outcome, EIOPA calls for smarter, more harmonised regulation alongside more effective supervision at the EU level. This could create ideal conditions for European businesses to thrive in the Single Market while safeguarding consumer’ rights and maintaining financial stability. Amid growing uncertainties and the emergence of a new geopolitical order, Europe must do more to foster a thriving and resilient economy while ensuring robust consumer protection and a level playing field for businesses. EIOPA believes that simplification and burden reduction could be a meaningful catalyst for growth. Importantly, regulatory streamlining should aim at creating a stronger and more cohesive framework across the EU by eliminating unnecessary divergence across Member States. Regulatory simplification must prioritise EU interests over national ones, preventing market fragmentation through a holistic, long-term approach. It should by no means result in a mere shift of the regulatory burden and lead to new national obligations springing up where EU requirements have been reduced. However, regulatory simplification must also not come at the expense of effective supervision. Therefore, EIOPA will carefully evaluate what data is essential...