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| UK's Lord Hill puts EU before City of London | |
| (35 minutes later) | |
| The UK's candidate to join the European Commission, Lord Hill, has told MEPs that he will act for all 28 EU member states and is not a representative of the City of London. | The UK's candidate to join the European Commission, Lord Hill, has told MEPs that he will act for all 28 EU member states and is not a representative of the City of London. |
| 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 the approval of the European Parliament. | But first he has to get the approval of the European Parliament. |
| 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 being broadcast on the BBC's Democracy Live website. | His public cross-examination is being broadcast on the BBC's Democracy Live website. |
| "I am not here as a representative of the City of London, I am here to represent the European interest," he told MEPs at a key hearing in Brussels. | "I am not here as a representative of the City of London, I am here to represent the European interest," he told MEPs at a key hearing in Brussels. |
| "I have a very clear and simple view - it is in the interests of the EU for Britain to be in it, and for Britain to be in the EU." | "I have a very clear and simple view - it is in the interests of the EU for Britain to be in it, and for Britain to be in the EU." |
| The UK's ruling Conservatives have promised to hold an in/out referendum on EU membership in 2017, provided they can renegotiate the UK's membership terms before then. | The UK's ruling Conservatives have promised to hold an in/out referendum on EU membership in 2017, provided they can renegotiate the UK's membership terms before then. |
| Plum job | Plum job |
| When pressed to disclose any conflict of interest Lord Hill stressed that he had cut all ties with his former consultancy businesses in London. "I have no shares in any business at all and am not on the board of any company," he said. | When pressed to disclose any conflict of interest Lord Hill stressed that he had cut all ties with his former consultancy businesses in London. "I have no shares in any business at all and am not on the board of any company," he said. |
| 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 work on the vexed question of bankers' bonuses. That will be the responsibility of the new EU justice commissioner-designate, Vera Jourova from the Czech Republic. | Jonathan Hill will not work on the vexed question of bankers' bonuses. That will be the responsibility of the new EU justice commissioner-designate, Vera Jourova from the Czech Republic. |
| The UK government is challenging the new EU directive on bankers' bonuses in the European Court of Justice. | The UK government is challenging the new EU directive on bankers' bonuses in the European Court of Justice. |
| 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 | Lord Hill's career |
| A capital markets union would aim 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. | A capital markets union would aim 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. |
| In written answers to MEPs' questions Lord Hill pledged to act quickly to develop the EU's capital markets "as there is an urgent need to boost and diversify the funding of our economy". | In written answers to MEPs' questions Lord Hill pledged to act quickly to develop the EU's capital markets "as there is an urgent need to boost and diversify the funding of our economy". |
| He acknowledged that there were some tensions between member states using the euro and those outside the single currency. | He acknowledged that there were some tensions between member states using the euro and those outside the single currency. |
| "My task is to work to reconcile those tensions... and make sure that in the banking union the 'euro outs' feel as comfortable as the 'euro ins'," he said. | "My task is to work to reconcile those tensions... and make sure that in the banking union the 'euro outs' feel as comfortable as the 'euro ins'," he said. |
| Some MEPs asked him to prepare an EU-wide deposit guarantee scheme for bank customers, but he said that was not yet on his agenda. | Some MEPs asked him to prepare an EU-wide deposit guarantee scheme for bank customers, but he said that was not yet on his agenda. |
| Mr Juncker has shaken up the structure of the Commission, appointing powerful vice-presidents to oversee some key policy areas. | 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. | 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. | 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 will have to ensure the smooth running of the EU's new banking union, including tighter supervision of Europe's banks to prevent anything like the 2008 financial crash happening again. | Lord Hill will have to ensure the smooth running of the EU's new 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. | He will also manage the Commission's relationship with various financial regulators, including the European Banking Authority. |