Oltre la semplificazione. Il delicato equilibrio tra competitività e sostenibilità nel sistema finanziario europeo

The renewed emphasis on corporate competitiveness within the European Union’s policy framework has prompted the European Commission to identify regulatory complexity as a substantial constraint on the full realization of the Union’s productive capacity. In response, a regulatory simplification process has been initiated, with a first set of measures aimed at alleviating the compliance burdens associated with sustainable finance. However, the simplification objective must not result in a lowering of sustainability-related regulatory standards. This article critically examines the Commission’s current regulatory approach, employing the mechanisms of market efficiency theory to expose structural weaknesses in the prevailing reliance on transparency as the primary regulatory instrument. The underlying assumption that investors systematically prefer ESG-compliant financial products is likewise subjected to scrutiny. This advocates for a reconsideration of the current demand-side paradigm. In particular, a shift toward supply-side regulatory strategies—such as normative prohibitions or issuer-targeted governance obligations—may offer a more effective and less costly path toward the advancement of sustainability objectives within the European financial system.