The Government has been urged to use Ireland's EU Presidency "to drive progress" on competitiveness and regulatory reform.
In a new report, the Banking & Payments Federation Ireland (BPFI) said the presidency offers Ireland "a strategic platform to shape the European policy agenda" at a time of major geopolitical tensions and legislative activity.
The BPFI said pursuing such a strategy could strengthen the country’s influence and international profile in financial services.
Ireland will assume the Presidency of the Council of the European Union from Cyprus in July until the end of the year.
The report, which sets out a number of recommendations, which include driving forward the EU’s Savings and Investment Union (SIU), which is aimed at mobilising household savings.
The federation said creating "a more proportionate and simplified regulatory framework" should be among the priorities, so that the financial sector can "act as a powerful catalyst for growth, innovation and resilience".
"The Irish Presidency should champion the 'simplification' agenda to ensure regulations are fit for purpose, enable growth, support competitiveness, are applied proportionally, and don't create undue burdens compared to global peers," it said.
Other recommendations in the report include advancing discussions on an open and innovative digital infrastructure and facilitating the green transition.
The BPFI also called on the Government to focus on ensuring the effective delivery of housing.
"The upcoming Irish Presidency should progress work on the EU Affordable Housing Plan by ensuring more flexible State aid rules that enable Member States to support viable projects effectively," it added.
Chief Executive of the BPFI Brian Hayes said Ireland will assume the EU Council Presidency "at a time of both geopolitical turbulence and intense legislative activity in financial services".
Mr Hayes said tackling the EU’s "declining economic competitiveness is crucial" as global trade becomes increasingly politicised.
"As outlined by both Mario Draghi and Enrico Letta, the EU must now harness the full power of the Single Market to drive growth, attract investment, and strengthen its role on the global stage," he said.
He said Ireland, as a small, open economy, can "help drive this agenda forward while ensuring the EU remains outward-looking and an attractive destination for international business to locate".
"Ireland’s Presidency can help shape a pragmatic, competitive, and innovation-driven EU financial services framework, which in turn strengthens the EU’s economic position and competitive proposition," Mr Hayes added.
He said the report "underscores the necessity for a uniform application" of the EU single rulebook and he said it "offers key, practical recommendations to achieve this goal".
The BPFI report has been submitted to the Department of Finance and it was compiled follows a consultation process by the Department of Foreign Affairs in December on the development of Ireland’s Presidency priorities.
