Online reported that a senior official working to simplify the rules framework said European authorities should show courage in their efforts to reduce the regulatory burden on banks without damaging banks 'ability to withstand risks. "We should move forward boldly on this path," said Nigel, the ECB's governing body. "Simplification is possible-just the right amount of complexity and as simple as possible." Nagel is a member of a working group at the European Central Bank that is studying reducing the complexity of banking rules. He said this should not amount to deregulation. European officials are seeking to streamline a raft of regulations enacted by the European Union after the 2008 financial crisis to avoid putting European banks at a disadvantage relative to U.S. competitors. The United States is relaxing some of its rules.