In a groundbreaking move, the new European Commission will have a Commissioner for Financial Services, Financial Stability and Capital Markets, with complete oversight of securities and banking regulation across the E.U. This was generally and formerly the Internal Market portfolio filled by Michel Barnier, except that the new proposed Commissioner, Lord Hill of the U.K., will have a specific financial stability mandate. One reason for the creation of the new portfolio is to ensure that the Commission remains active and vigilant in implementing the new Directives and Regulations enacted in the wake of the financial crisis, especially supervisory and resolution rules for financial firms.
In just a few years the EU has put forward an ambitious and unprecedented series of regulatory and supervisory reforms to secure financial stability and improve the supervision of financial markets. Therefore, the Commission feels that the time has come to focus the existing expertise and responsibility in one place. The next frontier will also be to develop and integrate capital markets which are a better source of credit than bank credit when it comes to financing innovative projects and long-term investment.
The Commissioner for Financial Stability, Financial Services and Capital Markets will also be responsible for relations with the European Banking Authority (EBA); the European Insurance and Occupational Pensions Authority (EIOPA); the European Securities and Markets Authority (ESMA); the European Systemic Risks Board (ESRB) and the Single Resolution Board (SRB, which should be operational from 2015.
The final list of Commissioners-designate was adopted by the E.U. Council. The next and final step is that the European Parliament has to give its consent to the entire College of Commissioners.