The incoming president of the European Union, Jean-Claude Juncker, has nominated Lord Jonathan Hill of Oareford to oversee Europe's financial services sector.
Hill is a British Conservative politician who served as Leader of the House of Lords, Lord Privy Seal and Chancellor of the Duchy of Lancaster (201314) and previously as Parliamentary Under-Secretary of State for Schools (201013) in the Conservative-LibDem Government, according to a Guardian UK report.
Among his specific objectives, as Financial Services, Financial Stability and Capital Markets Union Commissioner, Hill would be tasked with seeking “appropriate ways to revive sustainable and high quality securitization markets”.
Juncker, a former prime minister of Luxembourg, is scheduled to take over as the president of the European Commission in November. He succeeds Jose Manuel Barroso who was recently appointed EU president.
In a press release Tuesday, Juncker outlined objectives for the Financial Services, Financial Stability and Capital Markets Union Commissioner. They include “seeking appropriate ways to revive sustainable and high quality securitization markets, to reduce the cost of raising capital in the Union and to develop alternatives to our companies’ dependence on bank funding.”
Another of Hill’s objectives will be to continue to put in place a regulatory framework that “ensures the resilience and stability of the financial services sector. Financial markets and institutions should be appropriately regulated and supervised with, where relevant, appropriate crisis management tools”.
Juncker stated in the release that Hill would be responsible for overseeing that financial services regulatory framework take into account “the needs and interests of consumers and retail investors” and “proposing any necessary measures to make financial services work better for citizens.”