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UK's Lord Hill approved for top EU job after questioning | |
(1 day later) | |
The UK's Lord Hill has been confirmed as the EU commissioner for financial services after facing questions from MEPs for a second time. | |
In an unusual step, MEPs had recalled him for a second confirmation hearing before re-affirming his appointment by a margin of 45-13 committee members. | |
Former French Finance Minister Pierre Moscovici was also endorsed on Wednesday by the European Parliament. | |
He will serve as chief of economic affairs in the European Commission. | |
Committee members voted by 32-15 to appoint Mr Moscovici. | |
However, they rejected the choice of former Slovenian PM Alenka Bratusek as energy chief. | |
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. |
Worries about risk | Worries about risk |
Lord Hill's background in public relations came under scrutiny during the questioning in Brussels. | |
Some MEPs at the 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. |
Lord 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. | |
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 will 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. |
Lord Hill's career | Lord Hill's career |