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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 risk | Worries 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 career | Lord Hill's career |