Members of the European Parliament yesterday (1 February) sent the proposed heads of the EU’s one-month old bank watchdogs packing as they complained the candidates were neither qualified nor influential enough for the job. bit.ly Three candidates chosen to head up three new pan-European watchdogs to oversee the bloc’s banking sector were rejected as MEPs complained that EU regulators had picked the wrong people for these important new roles. MEPs balked that the three chosen men for the watchdogs did not have the gravity of experience or influence to take on both banks and regulators in their roles as financial policemen. “These people have to be competent, they have to be independent, and in particular have their own position towards the member states in order to perform their duties as foreseen in the voted regulations,” a German Green MEP, Sven Giegold, said after a parliamentary hearing with the three officials. “Unfortunately, the selection procedure has so far been below par and the European Parliament’s economic and monetary affairs (ECON) committee has raised alarm bells about this on various occasions,” ECON committee chair and UK Labour MEP Sharon Bowles added. Jean-Paul Gauzès, a French centre-right MEP who oversaw the creation of the European Banking Authority, even accused the EU executive of choosing poor candidates on purpose.
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