Because of the reduction of its budget by 7,6%, EIOPA had to reprioritise its 2015 Work Programme. As a result 31 products were reduced in scope, 12 downgraded and 27 were cut entirely from the Work Programme.
The limitations faced from human resource and budget perspectives have led to difficult choices where even high priority products had to be postponed or even cut. Although Solvency II will remain the highest priority, cuts will also affect this project.
Other products that are severely hit are to be found in for instance the areas of financial stability and consumer protection.