Independence concerns could delay appointment of authority bosses
MEPs to vote on heads of new supervisory authorities.
MEPs will today (3 February) vote whether to endorse the candidates selected to chair the three new European financial supervisory authorities amid concerns that they are not sufficiently independent of member states.
The prospects for Parliamentary approval dimmed when the economic and monetary affairs committee refused to vote on the issue after interviewing the three men during a public hearing on Tuesday (1 February).
Instead, the committee sent a letter to Michel Barnier, the European commissioner for the internal market, and to György Matolcsy, the Hungarian minister for the economy, representing the member states, demanding guarantees of independence from national influence for the new posts, and adequate funding for their work. The letter demanded a response within two days so that the Parliament plenary can vote today.
The vote relates to Steven Maijoor, who is the candidate to chair the European Securities and Markets Authority (ESMA), based in Paris; Andrea Enria, who was selected to chair the European Banking Authority (EBA), based in London; and Gabriel Bernadino, the candidate for the Frankfurt-based European Insurance and Occupational Pensions Authority (EIOPA).
The three men were selected by the boards of the respective authorities, from a shortlist drawn up by the European Commission.
‘Below par’ selection
Sharon Bowles, a UK Liberal MEP who chairs the economic and monetary affairs committee, described the Commission’s selection procedure as “below par”.
After the committee meeting on Tuesday, she said: “Remuneration levels are uncompetitive, resulting in too few applications, the 60-year age limit inappropriate, and gender balance has also been lacking.”
She added: “The calendar followed did not allow for the European Parliament to have its say on the shortlists presented by the Commission.”
The new authorities, which were created in response to the credit crunch and the ensuing economic crisis, will act as supervisors to national regulators to promote co-operation between them, and are designed to alert the EU to potential financial risks.