The European Central Bank (ECB) has established a task force to simplify banking regulations across the European Union. The group is led by ECB Vice President Luis de Guindos and includes senior representatives from the banking sector. The initiative aims to review and potentially reform existing banking rules, although specific proposals have yet to be determined. Part of the effort includes discussions among top euro-zone officials to exempt more lenders from direct ECB oversight, which would streamline regulatory requirements for certain banks. The Bank of Spain is actively monitoring the situation as banks form crisis committees in response to the evolving regulatory landscape.