UK and France Get European Commission Top Jobs

September 10, 2014 Share Print 0

The UK will oversee financial services in the new 28-strong European Commission – a surprise move that delighted the UK’s PM David Cameron.

The job goes to Jonathan Hill, former leader of the House of Lords.

France also got a powerful post – ex-Finance Minister Pierre Moscovici, a socialist, will run EU economic policy.

There has been intense national rivalry over the top jobs. There are seven vice-presidents for key areas such as growth, better regulation and energy.

Three of the seven powerful new posts have gone to women.

Commission President Jean-Claude Juncker announced the details, saying the new team was “geared to give Europe its new start”.

The team includes five former prime ministers, four deputy prime ministers and seven returning commissioners, appointed for a new five-year term.

The Commission is seen as the most powerful EU institution, as it drafts EU laws, ensures compliance with EU treaties and negotiates far-reaching trade deals with international partners.

It is the target of much hostility from Eurosceptics, who accuse Brussels of wasting taxpayers’ money and creating too many regulations, handicapping businesses.

EU officials say that having a detailed common rulebook, enforceable EU-wide, helps the single market by reducing national barriers.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.