Global Financial Strategy - Bowles re-elected as Econ chair

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Bowles re-elected as Econ chair

Monday 23 January 2012 – by [email protected]

The influential chair of the European Parliament’s economic and monetary affairs committee, Sharon Bowles, has been reappointed for a second two and a half year term.

The outspoken Liberal Democrat was re-elected by the committee in an acclamation vote on Monday.

Her chairmanship had appeared in jeopardy following UK Prime Minister David Cameron’s controversial veto of a new EU-wide treaty in December, leading to doubts over whether the Brit could retain support of the committee.

Bowles became the first Brit to chair the committee shortly after being re-elected for her second term as an MEP in 2009.

The 58-year-old highlighted issues surrounding capital requirements legislation, Mifid II, the market abuse directive and economic governance regulation as “big dossiers” to cover on the committee’s agenda in 2012.

“I am grateful to all colleagues for their support and am sure that we will continue to be an engine for ideas and policymaking as we face the sovereign crisis and the need for growth,” Bowles said in a statement.

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“The City of London is an important financial centre, with expertise drawn from all member states, and an asset that the EU needs to maximise.

“I take very seriously the responsibilities of chair and will be at the forefront of efforts to re-engage the UK and put it at the heart of Europe.”

Delivering her typically forthright views in a committee meeting following Cameron’s veto in December, Bowles said that she abhorred the Prime Minister’s decision.

She labelled the PM as “a wolf in sheep’s clothing” while arguing that the veto is likely to see the UK thrown to the sidelines of policy debate.

Bowles also recently criticised the Institute of Directors’ head of corporate governance, Roger Barker, for suggesting that only company directors should decide on executive pay packages.

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