European Union financial watchdogs have issued a stark warning about the potential for another financial crisis, citing the risks associated with the EU's plans to simplify and streamline financial regulations. According to the Financial Times, senior financial supervisors are concerned that the relaxation of rules could lead to economic collapse and a repeat of the 2008 banking crisis. The European Commission's recent proposal to drastically cut the scope of business sustainability disclosure rules has heightened these concerns. The Single Resolution Board (SRB) and the European Central Bank (ECB) are particularly worried about the potential for increased volatility and crises if financial safeguards are weakened. Dominique Laboureix, head of SRB, and Frank Elderson, vice-chair of the ECB's supervisory board, have highlighted that post-2008, EU governments spent over 4 trillion euros to support the financial system, and the European economy contracted by 4.3% due to the crisis.