Mairéad McGuinness tells EU audience that she wants a ‘fair and sustainable’ tax system

Updated 2 hours ago

MARGARET MCGUINNESS Is being interrogated by MEPs from an EU parliamentary committee before her confirmation as commissioner in charge of financial services, financial stability and the capital markets union.

During the three-hour hearing, McGuinness was repeatedly asked about his stance on taxes. This is the most tense part of Ireland’s relationship with the EU; It’s a ‘sweet’ low tax rate for multinational corporations.

Her response was that she would remove her ‘national hat at the door’ and act on behalf of the European Commission if approved for the position.

McGuinness said he understood that taxes are a “big problem” for EU citizens and that it was important that taxes “be fair and efficient”.

“I think that is really important, there is no doubt that fair taxes must play a central role in the recovery of Europe,” he said, adding that he will “strongly support” the Commission’s objective of achieving “fair, simple taxation. and sustainable “.

Spanish MEP and economist Luis Garicano said he was “encouraged, but not completely convinced” by McGuinness’ message.

McGuinness responded by saying that “trust” was critical for financial services, referring to how Ireland and Spain suffered during the recession, and that the EU should learn from its past financial mistakes.

The reorganization in the Commission comes after the resignation of Trade Commissioner Phil Hogan following the golf gate controversy.

Ireland did not retain the commercial portfolio, which will instead be taken over by Valdis Dombrovskis, former Prime Minister of Latvia and current Executive Vice President of the European Commission.

Today you will also face questions from members of various committees.
‘There was no plot’

French MEP Claude Gruffat raised concerns about three Irish nationals holding senior financial positions in EU institutions (Finance Minister Pashcal Donohoe is president of the Eurogroup, while Philip Lane is the chief economist of the European Central Bank).

“I hope he works for Europe first,” Gruffat said.

McGuinness replied: “There is nothing I can do about it, I am Irish and I think we are all very proud of our nationalities.”

“There was no plot that we were in these positions,” he said, adding that “we do not speak on the phone at all times of the day.”

Other colleagues who are Irish have their own assignments to follow. My role as a Commissioner is very different from that of a Member of the European Parliament. I want to assure you that this is the case.

Irish MEP Mick Wallace also asked McGuinness about the appointment of Michael D’Arcy; said he disagrees with his appointment as IAIM executive director a few months after he left his post as finance minister.
Every time a member of the European Commission needs to be replaced or there is a significant reallocation of portfolios, Parliament invites the candidates for the new posts to hearings so that MEPs can evaluate them.

Before it begins, the candidate must answer a few questions in writing. The hearing lasts three hours and is broadcast live. After the hearing, the responsible committee or committees prepare an evaluation letter.

The monetary and economic affairs committee will hold a hearing this morning with McGuinness to assess her suitability for the position. Once the evaluation is finished, the parliament will vote next Wednesday.

McGuinness has been a Member of the European Parliament since 2004 for the Midlands-North West constituency and has been Vice-Speaker of Parliament since 2014.

Updated by Gráinne Ní Aodha.