BRUSSELS (MNI) - Finland's Olli Rehn will take on the role of European Commissioner for Economic and Monetary Affairs in a reshuffle of the top positions at the EU's executive arm, while his predecessor, Joaquin Almunia, will take on the mantle of Competition Commissioner.
The Economic and Monetary Affairs role is one of the EU's most market sensitive jobs, with the Commissioner being responsible for economic policy and surveillance of the EU's 27 member state budgets.
Commissioner Almunia has often attended the European Central Bank's meetings in his role as Economic and Monetary Affairs Commissioner, and he has had regular contact with ECB President Jean-Claude Trichet.
The economic and monetary affairs commissioner also monitors the budgetary policies and public finances of the member states and seeks to ensure that no country exceeds the stipulated budget limit of 3% of gross domestic product -- a task rendered virtually impossible, at least in the short to medium-term, by government stimulus spending during the recession.
Rehn, who served in Barroso's previous commission in the enlargement portfolio, is a trusted lieutenant of Barroso, having overseen the accession of Romania and Bulgaria to the European Union and led negotiations with current candidates, including Turkey, Croatia and Iceland.
Source:marketnews.com/
No comments:
Post a Comment