The Council of Ministers today nominated Verena Ross as candidate for the chair of the European market supervisor ESMA. Previously, the German had already been Executive Director of the authority until May 2021. Today’s decision was preceded by a months-long blockade in the Council. The Italian government in particular pushed for the nomination of the Italian Carmine di Noia. Ms Ross must now be confirmed by the European Parliament after another hearing before the ECON Committee.
MEP Sven Giegold, financial and economic policy spokesperson of the Greens/EFA group commented:
“I am relieved that the shameful back and forth over the nomination of the ESMA chair has now come to an end. The Council of Ministers has been stalling Verena Ross for months because of a petty fight over national sensitivities. I cannot remember that a top European official has ever been treated so badly in the past 12 years. The hearing of Verena Ross in the European Parliament must now take place swiftly so that Europe’s market watchdog has strong leadership again as soon as possible. Verena Ross is a highly qualified candidate. As the last remaining executive from the founding days of the three financial supervisory authorities ESMA, EBA and EIOPA, she has important experience. The hearing in the European Parliament must take place as soon as possible. We Greens expect ESMA to pursue consumer protection and the regulation of credit rating agencies more strictly. All rating agencies must consistently consider environmental and social risks.”
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