The European Central Bank has launched a task force, chaired by Vice President Luis de Guindos, that will look for ways of simplifying banking rules in Europe, a source familiar with the matter told Reuters on Saturday.
The central bank governors of Germany, France, Italy and Finland are also part of the task force, the source said.
The Bank declined to comment, while Germany's Bundesbank, the Bank of France, the Bank of Italy and the Bank of Finland did not immediately respond to Reuters' requests for comment.
The Bank does not have power to change rules, which is the prerogative of European lawmakers in Brussels. Any recommendation made by the task force would need to go to Brussels for consideration.
The launch of the task force was previously reported by Bloomberg.
Its creation follows a letter to the European Commission this year in which the central bank governors of Germany, France, Italy and Spain called for simplifying European banking rules where they were "unduly complex."