Major Economic Portfolios Allocated
In her second term as President of the European Commission, Ursula von der Leyen has assigned key economic roles to candidates from Spain, Latvia, and Poland. Economic portfolios, such as trade and competition, are highly coveted in Brussels, with many EU capitals lobbying for their preferred candidates. While some countries were disappointed with their assignments, others may face challenges due to past controversies, including ties to tax havens and corporate boards.
Spain Secures Competition Role
Spain’s Teresa Ribera secured the most powerful economic post—competition. This portfolio gives her broad authority over antitrust regulation, state aid, and mergers, as well as a key role in the EU’s green transition. Ribera’s dual responsibility for competition and environmental policy is significant, as von der Leyen has emphasized aligning competition rules with sustainability goals, decarbonization, and industrial strategy, especially in response to subsidies from China and the U.S.
Poland Gains Control Over EU Budget
Poland achieved a major win by placing Piotr Serafin in charge of the EU budget. As one of the largest beneficiaries of EU funding, Poland is set to have significant influence over how the bloc’s finances are managed. The upcoming overhaul of the EU’s €1 trillion spending framework will likely include Poland’s interests, especially in defense and post-war reconstruction in Ukraine, making Serafin’s role pivotal.
Slovakia Leads Trade Policy
Slovakia’s Maroš Šefčovič, the longest-serving Commissioner, was given the trade portfolio. He will handle delicate negotiations with trade partners and lead efforts to enhance economic security, particularly in relation to unfair practices by countries like China. Šefčovič’s experience, including his involvement in Brexit talks, positions him as a stable figure to manage these complex tasks.
Controversial Appointments Stir Debate
Latvia’s Valdis Dombrovskis, known for his tough stance on fiscal discipline, will head the EU’s economic department, enforcing strict rules on debt across member states. However, other appointments, such as Wopke Hoekstra from the Netherlands, have drawn criticism. Hoekstra’s ties to tax havens and the Netherlands’ history of aggressive tax planning have raised concerns about his suitability for the taxation portfolio. Despite these controversies, von der Leyen defended the appointments, stressing the importance of business experience in shaping EU policy.
SOURCE: Ref Image from Reuters
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