This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/world/2014/oct/01/lord-hill-mep-pro-eu-chief-financial-regulator

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Diffident Lord Hill charms MEPs with ‘pragmatic’ pro-EU stance Lord Hill fails to convince MEPS he’s Europe’s finance man
(35 minutes later)
Lord Hill of Oareford charmed a European parliament committee into submission on Wednesday in an understated three-hour performance that is expected to lead to his confirmation as the EU’s new chief financial regulator, with formidable powers over the City of London. Lord Hill of Oaresford’s prospects as the EU’s new chief financial regulator suffered a setback on Wednesday evening when a European Parliament committee failed to confirm him in the new European Commission following a three-hour grilling.
Despite reservations on the left that the Conservative peer would be less than impartial in overseeing the financial markets, Hill ruffled few feathers during his confirmation hearing to secure the plum post in the new European commission under Luxembourg’s Jean-Claude Juncker. The Conservative peer appeared to have charmed the parliament’s economics committee into submission in an understated three-hour performance aimed at securing the plum post of commissioner for financial services and regulation with formidable powers over the City of London.
“I’m a pragmatic, consensual European politician,” he told MEPs after declaring unequivocally that he wanted Britain to remain in the EU despite the Tory party’s pledge to hold a referendum by 2017 that could lead to the UK leaving the union. Greens rejected the candidacy following the hearing. But social democrats, the second biggest group in the parliament, also raised questions and withheld their support, depriving Hill of a quick majority.
Hill was unflappable, if vague, throughout the three hours of questioning, frequently admitting he did not know the answers to questions. Asked, for example, for his views on eurobonds or pooled eurozone sovereign debt, he said: “I don’t have a particularly well-informed view.” Senior parliamentary sources said the peer may have to face an unusual second hearing next week. Others said the issue could be settled on Thursday depending on the outcome of the hearing of the French socialist, Pierre Moscovici, for the post of the EU’s new budget tsar.
Hill is a friend of David Cameron, who hopes to renegotiate the terms of British membership of the EU if he wins a second-term next year. Asked whether, as the top UK official in Brussels, he would play a role in that negotiation, Hill said it was not a matter for him, but for the British and other EU governments. “It’s tit-for-tat,” said a source on the centre-right, warning that the Christian democrats’ bloc, the biggest caucus, would oppose Moscovici if the centre-left maintained its opposition to Hill.
Despite the studied exercise in evasiveness from the former leader of the House of Lords, Hill’s posh English Hugh Grant-style diffidence appeared to have won the day. Despite reservations on the left that the Conservative peer would be less than impartial in overseeing the financial markets, Hill ruffled few feathers during his confirmation hearing to secure the post in the new European Commission under Luxembourg’s Jean-Claude Juncker.
The European People’s party of centre-right Christian democrats, the biggest caucus in the parliament, “acknowledged the competency Hill showed in the three-hour hearing”. Its committee leader said: “Hill has good ideas … He showed that he is fully aware of his accountability towards us.” “I’m a pragmatic, consensual European politician,” he told the MEPs after declaring unequivocally that he wanted Britain to remain in the EU despite the Tory party’s pledge of a referendum by 2017 that could see the UK quit the union.
Hill was unflappable if vague throughout the three hours of questioning, frequently admitting he did not know the answers to the queries. Asked, for example, for his views on eurobonds or pooled eurozone sovereign debt, he said: “I don’t have a particularly well-informed view.”
The nonchalant answer irritated elements of the committee, triggering the demand for further questioning of the nominee.
Hill is a personal friend of David Cameron who hopes to renegotiate the terms of British membership of the EU if he wins a second-term next year. Asked whether, as the top UK official in Brussels, he would play a role in that negotiation, Hill said it was not a matter for him, but for the British and other EU governments.
Despite the studied exercise in evasiveness from the former leader of the House of Lords, Hill’s posh English Hugh Grant-style diffidence appeared earlier to have won the day.
The European People’s Party or centre-right Christian democrats “acknowledged the competency Hill showed in the three-hour hearing.” Its committee leader said “Hill has good ideas … He showed that he is fully aware of his accountability towards us.”
Sylvie Goulard, a French liberal, said Hill was “charming but not really convincing”.Sylvie Goulard, a French liberal, said Hill was “charming but not really convincing”.
Philippe Lamberts, Belgian and co-leader of the Greens, said Hill was “very nice but empty. He took no stance on any subject.”Philippe Lamberts, Belgian and co-leader of the Greens, said Hill was “very nice but empty. He took no stance on any subject.”
The committee was expected to decide Hill’s fate later on Wednesday or on Thursday morning in the event of a lack of agreement. Committee leaders from the different party blocs were to meet to try to reach a consensus. That looked elusive since the Greens said they would reject Hill, meaning the full committee would need to reconvene for a vote that Hill was expected to win comfortably. Hill’s key tasks include overseeing the operation of the new eurozone banking union, arguably the biggest single response to the four-year debt and currency crisis. From November the European Central Bank is made the supervisor of the eurozone banking sector, an enormous forfeiting of sovereignty from national capitals.
Hill’s tasks include overseeing the operation of the new eurozone banking union, arguably the biggest single response to the four-year debt and currency crisis. From November the European Central Bank will supervise the eurozone banking sector, an enormous forfeiting of sovereignty from national capitals. Questions have been asked whether it was appropriate to have a Briton from a non-euro country in this role and the banking union role will matter hugely in Berlin and Paris. Hill promised to be an honest broker.
There have been doubts about whether it is appropriate to appoint a commissioner from a non-euro country to this role and the banking union role will matter hugely in Berlin and Paris, but Hill promised he would be an honest broker.
The EU has also clamped down on bankers’ bonuses, passing legislation restricting bonuses to the equivalent of a salary. George Osborne has taken Brussels to court on the issue, contesting the legality of the curbs, handing Hill a headache. London-based banks are widely seen to be flouting the new rules, getting round the curbs through different systems of “allowances” and remuneration packages.The EU has also clamped down on bankers’ bonuses, passing legislation restricting bonuses to the equivalent of a salary. George Osborne has taken Brussels to court on the issue, contesting the legality of the curbs, handing Hill a headache. London-based banks are widely seen to be flouting the new rules, getting round the curbs through different systems of “allowances” and remuneration packages.
While stressing that responsibility for the contentious issue had been taken out of his hands by Juncker and given to the justice commissioner, Hill sounded more pro-European than pro-City.While stressing that responsibility for the contentious issue had been taken out of his hands by Juncker and given to the justice commissioner, Hill sounded more pro-European than pro-City.
“The legislation has been adopted and needs to be upheld,” he said. “Incentives need to be aligned with performance. The problem is that that alignment has broken down.”“The legislation has been adopted and needs to be upheld,” he said. “Incentives need to be aligned with performance. The problem is that that alignment has broken down.”