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Mairead McGuinness has been chosen as the next Irish Commissioner following the resignation of Phil Hogan and will be assigned the financial services portfolio.
“Ms McGuinness has significant political experience in EU affairs, has been a Member of the European Parliament since 2004 and currently holds the position of First Vice-President of the European Parliament,” said the President of the European Commission, Ursula von der Leyen, to the make the announcement.
“This experience is crucial to advancing the EU financial sector policy agenda and ensuring that it supports and reinforces the commission’s key priority, in particular the dual green and digital transition.”
Long-time MEP Fine Gael, who has been vice-president of the European Parliament since 2014, has a high profile in Brussels and was widely tipped for the position.
The business portfolio will be taken over by Valdis Dombrovskis of Latvia, a former prime minister and commissioner since 2014 who had been in charge since Hogan resigned amid controversy over his breach of Covid-19 self-isolation rules in Ireland.
The Financial Stability, Financial Services and Capital Markets Union portfolio to be assumed by McGuinness was previously part of Mr. Dombrovskis’ mandate and involves leading the commission’s banking and financial reforms.
I propose @MaireadMcGMEP as a future commissioner of financial services. You have excellent qualifications and my complete confidence for this position. Now it is up to the EU Parliament to organize the hearings. Executive vice-president @VDombrovskis will assume the commercial portfolio. pic.twitter.com/OwGxwvpBad
– Ursula von der Leyen (@vonderleyen) September 8, 2020
congratulations to @MaireadMcGMEP on her appointment as European Commissioner in a major financial portfolio. It is a great day for her and her family. I have no doubt that you will perform with distinction and will play a key role in the work of the Commission. 🇮🇪 🇪🇺
– Micheál Martin (@MichealMartinTD) September 8, 2020
The decision was made a day after Dr. von der Leyen interviewed McGuinness and the other candidate, former Vice President of the European Investment Bank, Andrew McDowell. The Irish Government submitted the two names after Dr. von der Leyen requested that “one woman and one man” be nominated for the post.
Dr von der Leyen described both as “excellent candidates” with “experience in EU affairs, of course from different perspectives”.
McGuinness will now be subject to scrutiny and hearing in the European Parliament, before MEPs approve the new composition of the committee in a vote.
Welcome
Taoiseach Micheál Martin welcomed the appointment of Ms McGuinness to the “important financial portfolio”.
“I have no doubt that she will serve with distinction and play a key role in the work of the commission,” said Mr. Martin.
In Brussels, Ireland is seen as having performed well in the shakeup, following speculation that Dr. von der Leyen might choose to assign the new commissioner a lower-profile portfolio as a reprimand to Dublin for lobbying. unwanted on her to fire Hogan.
Financial services is an important project that involves working on the creation of a single capital market in the EU and leading reforms of the financial and banking industry aimed at strengthening stability and avoiding the repetition of past economic crises.
The report overlaps with the EU’s historic plan to borrow € 750 billion on international markets to finance the economic recovery from the coronavirus pandemic. It will also be significant in the context of the challenges posed to the City of London by Brexit, and the relocation of some financial services to EU hubs, including Frankfurt, Amsterdam and Dublin.
Ireland’s reputation as a liberal outlier in banking and finance had made some Brussels sources doubt that Dublin would receive the portfolio before the announcement.
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