EIOPA's Work Programme 2015 is the outcome of the Authority's annual planning round. This represents a series of exercises designed to establish where the greatest need for the Authority's work lies, and where it should focus its resources, both human and financial, allowing for appropriate prioritisation of tasks, and ongoing monitoring of deliverables. It provides transparency and accountability to EIOPA's main stakeholders and serves internally as a management toolkit, linking the specific deliverables of the Authority to its strategy.
Due to the reduction of its budget by 7,6%, EIOPA had to reprioritise its Work Programme 2015 in the beginning of this year. As a result of the re-prioritisation exercise, 31 products were reduced in scope, 12 were 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.