Labour MEPs have set three key targets for Lord Hill, Britain's nominee for the European Commission, who will be grilled by MEPs today.
The commissioner-designate for financial services must ensure legislation passed in the last mandate is implemented, without being watered down; finalise banking reform to regulate 'shadow banking' and improve access to finance for SMEs; and be a pragmatic voice in the debate on Europe, making sure the reforms he oversees deliver the best outcome for the people of the UK.
Anneliese Dodds MEP, Labour MEP for South East England and member of the economic and monetary affairs committee, said:
"Lord Hill has a huge and vitally important task ahead of him. We all know what happens if the financial sector isn't regulated properly. The effects are all around us: low growth, high unemployment, and businesses struggling to get on as we all try to recover from the impact of the financial crisis. He needs to maintain the high level of ambition of his predecessor for lasting reform that will make the financial sector safer and more stable, stimulating growth and jobs.
"If Lord Hill can demonstrate in the hearing today that he can deliver on these priorities, he should be confirmed as the next Commissioner for Financial Services."