A debate in European financial regulation concerns whether competitiveness objectives should be added to the primary mandate of safeguarding financial stability for regulatory and supervisory agencies. The debate gained momentum following a UK reform introduced in 2023, which included such objectives, alongside regulatory simplification efforts by the European Commission. Brussels recently launched a consultation on the competitiveness of the financial industry and is expected to publish a report in the coming weeks. The UK reform and EU proposals refer to competitiveness in a dual sense: that of the financial sector and the broader economy. Most authorities and academics oppose inclusion, arguing that fulfilling financial stability objectives best supports competitiveness, multiple objectives weaken accountability, the European Supervisory Authorities are accountable to the Commission, and the Single Supervisory Mechanism is a supervisory body. Counterarguments note that financial stability and competitiveness have short-term trade-offs, bringing implicit trade-offs into the open improves accountability, the ESAs operate with considerable independence, and the SSM regulates through supervisory expectations.