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UK's Lord Hill struggles to woo MEPs for top EU job UK's Lord Hill struggles to woo MEPs for top EU job
(about 2 hours later)
The UK's Lord Hill has faced probing questions from MEPs anxious to see whether he is the right man to become EU Commissioner for Financial Services.The UK's Lord Hill has faced probing questions from MEPs anxious to see whether he is the right man to become EU Commissioner for Financial Services.
In an unusual step the MEPs recalled him for a second hearing, dissatisfied with his answers last week.In an unusual step the MEPs recalled him for a second hearing, dissatisfied with his answers last week.
His background in public relations came under scrutiny again, with some MEPs questioning whether his days as a lobbyist were really over.His background in public relations came under scrutiny again, with some MEPs questioning whether his days as a lobbyist were really over.
He insisted his previous London business interests were "in the past".He insisted his previous London business interests were "in the past".
The new European Commission, headed by Jean-Claude Juncker, cannot take office unless the whole team gets the European Parliament's approval. That vote is scheduled for 22 October.The new European Commission, headed by Jean-Claude Juncker, cannot take office unless the whole team gets the European Parliament's approval. That vote is scheduled for 22 October.
It is not yet clear whether Lord Hill has performed well enough to get the MEPs' backing.It is not yet clear whether Lord Hill has performed well enough to get the MEPs' backing.
Worries about riskWorries about risk
Some MEPs at Lord Hill's hearing also voiced concern about new EU efforts to boost the market in securitised debt.Some MEPs at Lord Hill's hearing also voiced concern about new EU efforts to boost the market in securitised debt.
Securitisation - the packaging of debt in complex instruments - was at the root of the 2008 financial crisis, as serious risks were hidden from investors.Securitisation - the packaging of debt in complex instruments - was at the root of the 2008 financial crisis, as serious risks were hidden from investors.
Jonathan Hill said he favoured creating a bigger European market in securitised debt, provided it was based on "simplicity and transparency". There must also be "incentives to keep products safe" for investors, he said.Jonathan Hill said he favoured creating a bigger European market in securitised debt, provided it was based on "simplicity and transparency". There must also be "incentives to keep products safe" for investors, he said.
Chris Morris, BBC Brussels correspondent, writes:
It was a pretty fluent performance from Lord Hill - embracing humour, a little more detail, and a robust defence of Britain's membership of the European Union.
He said he had agreed to Prime Minister David Cameron's request to take the job because he believed he could help make the argument that Britain should stay in the EU.
So a pro-European British Tory, promising to work for the general good.
But he hasn't done enough to convince some of his critics, who remain unhappy about his past links to lobbying and other issues.
There will be a vote - probably (not definitely) later tonight. Many conservatives will vote in favour, Greens will vote against.
They wouldn't mind him as a commissioner with a different portfolio. But they don't want him running financial regulation.
So the deciding votes will be cast by members of the Socialist group, which is split on whether Lord Hill is indeed the right man for the job.
And it could be British Labour MEPs who help save David Cameron's choice for the Commission.
The UK government is keen to have Lord Hill oversee EU financial services and capital markets, given the City of London's key role in the economy.The UK government is keen to have Lord Hill oversee EU financial services and capital markets, given the City of London's key role in the economy.
But some doubt whether a Briton would be effective in promoting deeper eurozone integration, since the UK has not joined the euro.But some doubt whether a Briton would be effective in promoting deeper eurozone integration, since the UK has not joined the euro.
Lord Hill said he recognised the need to "build understanding between the euro 'ins' and 'outs'... especially in the banking union".Lord Hill said he recognised the need to "build understanding between the euro 'ins' and 'outs'... especially in the banking union".
Hungary's EU nominee, Tibor Navracsics, also met with MEPs' scepticism at his hearing on Monday.Hungary's EU nominee, Tibor Navracsics, also met with MEPs' scepticism at his hearing on Monday.
MEPs voted against him taking charge of education, culture and citizenship, though he could still get a different post in the Commission.MEPs voted against him taking charge of education, culture and citizenship, though he could still get a different post in the Commission.
Spain's Miguel Arias Canete and France's Pierre Moscovici also faced some hostile questioning from MEPs last week.Spain's Miguel Arias Canete and France's Pierre Moscovici also faced some hostile questioning from MEPs last week.
Lord Hill's careerLord Hill's career