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The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms - from capping bonuses to boosting capital - that have curbed banks' freedom to take risks.
It is a change of tack welcomed by some, from politicians to industry lobbyists, who argue banks should not be burdened with ever more regulation because it would discourage lending.
Others, however, warn of risks still hidden in a financial system with a growing "shadow banking" sector, where non-banks such as insurers and fund managers take on roles previously filled by banks. That area is just as opaque today as it was before the collapse of Wall Street's Lehman Brothers on Sept. 15, 2008.
"The bulk of legislative reform is now either in place or being put in place," said Anthony Browne, chief executive of the British Bankers' Association.
Priorities are already changing at the European Union's executive Commission, which proposed 40 draft laws in response to the financial crisis but may now ease some to aid the economy.
"I think it is only common sense now to step back a bit and say: 'Is every aspect of that absolutely right?' ...given that the biggest challenge that we face now is the lack of jobs and growth," EU financial services chief Jonathan Hill said this week.
Such words grate with some. "The pursuit of jobs and growth should not become a slogan for deregulation," said Christophe Nijdam of Finance Watch, a public-interest group that offers a counter-weight to industry lobbying.