Commissioner-designate for financial services Jonathan Hill will have to pass a “second hearing” in front of the European Parliament’s economic and monetary committee before being confirmed in his job.
 
Following Lord Hill’s hearing yesterday in the European Parliament, the S&D Group spokesperson for economic and monetary affairs Elisa Ferreira said:
 
“Lord Hill has demonstrated great personal qualities and communication skills. We believe that he can be a good commissioner but he did not entirely convince us in relation to the content and priorities of his portfolio.
 
“He failed to provide concrete answers on specific issues such as the capital markets union, shadow banking or the European deposit guarantee scheme which is the last remaining component of the banking union. These issues are of the outmost importance for the Socialists and Democrats.
 
“We will ask him to provide clarifications during an exchange of views with members of the economic and monetary affairs in the European Parliament”.