My all-time favorite risk manager had the motto "never let a good crisis go to waste". Opportunistic but not to extract the monetary gainz, but to extract wisdom. The problem in the EU is similar to your committee: these are all functionaries (or worse: populists) that have no clue at all what they are talking about nor do they have experience in risk management, so because of their fear they pre-empt "rules". There's nothing pragmatic about it.

I don't think that it's malice though, it's just good old incompetence mixed with power hierarchies. It's almost unthinkable right now in Europe to leave something up for regulation at the member state level to see what works and only then look for harmonization. Everything has to be "federal" and this causes a lot of grief. When I left Europe - almost 2 decades ago now - the EU was about collaboration. Nowadays, I shake my head, because it seems to be mostly about dictation.