It is a great pleasure to be with you here in Florence.

I am sure that on your way to this venue many of you have spotted some of the breathtaking examples of Florentine Renaissance architecture: Brunelleschi's dome of the cathedral, Alberti's façade of Santa Maria Novella or the Pazzi chapel in Santa Croce.

By overcoming the often convoluted Gothic ornaments in favour of classical principles, Florence transitioned from medieval complexity to the cradle of the Renaissance that we know today.

The Florentine Renaissance showed that progress isn't about adding additional layers of complexity, but about applying enduring principles such as clarity, proportion and structure.

In that sense the Renaissance was a conscious act of simplification, back from the ornaments and multiple layers to the solid foundational elements that truly matter.

This analogy couldn't be more timely today, as voices are growing louder that banking regulation and supervision have given rise to undue complexities and should be simplified.

In my remarks I will argue that simplification is indeed desirable and achievable and explain the steps the ECB is taking to make it a reality. But just as the Florentine architects achieved simplification by reverting to classical foundations, today's supervisors need to reduce overlaps, undue complexity and costs without damaging the solid foundations on which the European banking system is built: we need to simplify without compromising resilience.

In this context, let me first clarify the role of supervisory guides[1]ECB supervisory guides consider and build on EBA recommendations and guidelines that are issued with a view to ensuring the common, uniform and consistent application of Union law.
that have recently been subject to some debate.

ECB supervisory guides consider and build on EBA recommendations and guidelines that are issued with a view to ensuring the common, uniform and consistent application of Union law.

The guides developed by the ECB over the last decade serve distinct purposes. Guides are issued to ensure consistency in our approach to the supervision of banks across the banking union, and to provide transparency on how the ECB interprets and applies the relevant provisions of Union law, as well as the processes it follows.