European banking landscape is about to get a makeover. The Governing Council just gave the green light to a sweeping simplification initiative proposed by its High-Level Task Force. Their mission? Strip away unnecessary regulatory layers that have piled up over the years.

But here's the catch—they're not throwing caution to the wind. The entire overhaul is designed to keep the banking system's backbone strong. Think of it as decluttering without compromising structural integrity. Less red tape, same safety net.

This move could reshape how financial institutions operate across the bloc, potentially setting a precedent for how regulators worldwide balance innovation with stability.