EU economy needs smart regulation and supervision, Barnier says
Michel Barnier, the new EU Commissioner for Internal Market and Services gave his medication to cure the effects of the "Great leap backwards" in the EU economy. He spoke at a dinner yesterday hosted by the British Bankers' Association in London.
The worst performance in GDP growth in Europe since the 1930's and 23 million unemployed require tough, smart measures. Restoring confidence in the markets is a must to achieve growth . And to do that, Barnier has ambitious plans for the relaunch of the Internal Market.
He has set himself 3 priorities for financial institutions:
1. better supervision (with a single rule book and real information sharing and trust)
2. better capitalization (more and better capital)
3. more responsibility (better corporate governance, competent directors, strong and independent risk management).
Barnier also stressed the need for global convergence and a global level playing field. With the EU as a leader by example on the G20 roadmap, yet without free riders.
Barroso II portfolios announced
After the buzz and negociations of the last weeks on ‘who will get what’ the President of the European Commission announced his proposal for his Commission team.
On the website of the Swedish European presidency Barroso is quoted:
“I am pleased to be able to present this new Commission and want to thank the Member States for their excellent nominations. I welcome back thirteen of the old Commissioners and think we have achieved a good mix of skills, experience and gender”, said José Manuel Barroso when he announced the new Commission.
Swedish Prime Minister Fredrik Reinfeldt, representing the Swedish EU Presidency, commented on Mr Barroso’s choice of Commission.
“I welcome President Barroso’s proposed new Commission. It is well composed and balanced, with clear divisions of responsibility within the Commission. Now the European Parliament will hear the proposed Commissioners. I am looking forward to this and I hope the Parliament will give its support to the proposal.” “I am very pleased that the proposal so clearly reflects the new role of the EU, which the Lisbon Treaty will bring, both in Europe and in the world. Now it is important that the new Commission can quickly begin its work to meet the challenges still facing the EU.”
Barroso nominated Connie Hedegard, Denmark’s climate minister, in charge of hosting the December UN climate conference in Copenhagen.
Other notable nominations include Joaquin Almunia as the European Union’s antitrust chief, Neelie Kroes, current antitrust chief as EU’s digital agenda commissioner and Karel De Gucht who will manage the trade portfolio.
Simon Taylor at the European Voice heads his article with ‘Big posts for large countries’. France secured the portfolio of internal market for Michel Barnier. who will also be responsibility for financial services. The ‘Voice’ also states the Liberals get their “reward’: Liberals get influential portfolios. Liberal Guy Verhofstadt in a VRT radio interview was pleased and stressed the importance of the fact that ‘all European economical issues will be in the hands of Liberals’.
Before the new Commission can take up its work, the European Parliament must approve the Commission as a whole. These “exam sessions’ might give some unexpected fireworks… to be continued.