The President-elect of the European Commission, Jean-Claude Junker, has unveiled his team and the new shape of the European Commission.  Lord Jonathan Hill of Oareford has been designated as the Commissioner to take on the new Financial Stability, Financial Services and Capital Markets Union portfolio, which will focus existing expertise and responsibility in one place, a newly created Directorate-General, and ensure the Commission remains active and vigilant in implementing the new supervisory and resolution rules for banks.

Hearings of the Commissioners-designate will take place in the relevant parliamentary committees, in line with Rule 118 of the Parliament’s Rules of Procedure.  Once the European Parliament has given its consent, the European Council will formally appoint the European Commission, in line with Article 17(7) TEU.