Insiders say the European Central Bank has established a group to simplify bank regulations.

An informant revealed on Saturday that the European Central Bank has established a special working group, chaired by Vice President Luis de Guindos, to explore ways to simplify European bank rules. The informant stated that the central bank governors of Germany, France, Italy, and Finland are also members of this special working group. The European Central Bank itself does not have the authority to modify rules, as this is a privilege of European lawmakers in Brussels. Any suggestions put forward by the special working group will need to be submitted to Brussels for review.