Verena Ross was recommended on Thursday to head the EU’s watchdog of the financial services industry by MEPs in the Economic and Monetary Affairs committee.
The positive recommendation, 46 in favour, 6 against and 5 abstentions, approves Council’s proposal of Ms Ross to take over the Chairmanship of the European Securities and Markets Authority. A vote in plenary is now the only step left.
During the committee hearing organised the same day, MEPs asked Ms Ross how she planned to improve rule enforcement and ensure a better use of proportionality in rule making. They also about her views on dealing with digital finance and new digital assets as well as the consolidation of EU capital markets and how this would square with the new Basel recommendations.
Questions were also asked on how to tackle economic nationalism which led to scandals such as that of Wirecard but also to difficult situations such as the very proposal of Ms Ross as Council’s preferred candidate. Ms Ross was also asked about whether she considered it necessary to oblige credit rating agencies to up their game on factoring in climate risks into their ratings of fossil fuel industry and whether she would be ready to launch investigations into these agencies’ preparedness to analyse climate related risks. Finally, questions were put about dealing with the shadow banking sector, including outside of the EU and on developing a strategy on cybersecurity.
You can watch the hearing again here.