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| UK's Lord Hill faces MEPs in EU Commission job test | UK's Lord Hill faces MEPs in EU Commission job test |
| (about 1 hour later) | |
| The UK's candidate to join the European Commission, Lord Hill, is expected to face tough questioning shortly in the European Parliament. | The UK's candidate to join the European Commission, Lord Hill, is expected to face tough questioning shortly in the European Parliament. |
| The UK government was pleased that he was given the job of overseeing financial services in the EU. It is a sector of vital importance to the UK. | The UK government was pleased that he was given the job of overseeing financial services in the EU. It is a sector of vital importance to the UK. |
| But first he has to get through a hearing - to convince MEPs that he is the right man for the job. | But first he has to get through a hearing - to convince MEPs that he is the right man for the job. |
| Some MEPs worry that he may be too close to City of London interests. | Some MEPs worry that he may be too close to City of London interests. |
| His public cross-examination is set to begin at 13:30 (11:30 GMT), and will be televised live on the European Parliament website. | His public cross-examination is set to begin at 13:30 (11:30 GMT), and will be televised live on the European Parliament website. |
| The Commission's incoming president, Jean-Claude Juncker, surprised many observers by giving the UK one of the most coveted jobs in Brussels, despite the UK's opposition to Mr Juncker as head of the EU's executive. | The Commission's incoming president, Jean-Claude Juncker, surprised many observers by giving the UK one of the most coveted jobs in Brussels, despite the UK's opposition to Mr Juncker as head of the EU's executive. |
| Jonathan Hill will not have sole responsibility for the vexed question of bankers' bonuses. That will be shared with the new EU justice commissioner. The nominee for that job is Vera Jourova from the Czech Republic. | |
| But Lord Hill will oversee the launching of a new EU capital markets union - a key issue for the UK, as the City of London hosts nearly 40% of the EU's wholesale financial markets. | But Lord Hill will oversee the launching of a new EU capital markets union - a key issue for the UK, as the City of London hosts nearly 40% of the EU's wholesale financial markets. |
| Lord Hill's career | |
| A capital markets union would be designed to make companies in the EU less reliant on banks for finance. Currently in the EU, banks account for about 50% of that finance, whereas in the US, capital markets play a much bigger role in lending to companies. | |
| Mr Juncker has shaken up the structure of the Commission, appointing powerful vice-presidents to oversee some key policy areas. | |
| Lord Hill's work will be overseen by Mr Juncker's "right-hand man", Frans Timmermans, and probably also by economics chief Jyrki Katainen, though it is not yet clear to what extent. | |
| Most of Lord Hill's remit comes from the previous internal market portfolio, which was held by France's Michel Barnier. But Mr Juncker decided to separate financial services from the broader internal market responsibilities. | |
| Lord Hill faces a big task in completing the EU's banking union, including tighter supervision of Europe's banks to prevent anything like the 2008 financial crash happening again. | |
| He will also manage the Commission's relationship with various financial regulators, including the European Banking Authority. |