European Commissioner for Economic & Financial Affairs
Encyclopedia
The Commissioner for Economic and Monetary Affairs and the Euro is the member of the European Commission
responsible for economic and financial affairs. The current Commissioner is Olli Rehn
(ELDR
).
). It has grown particularly with the late 2000s recession
and his now having to deal with getting the EU's public finances back into shape, as many members are breaking EU rules on budget deficits.
The DG responsible to the Commissioner is the Directorate-General for Economic and Financial Affairs
, headed by Marco Buti.
There are a number of other economic-related Commissioner positions in the College;
There have been suggestions from politicians such as Ségolène Royal
that there should be an economic government for the eurozone
, and at the start of the Barroso Commission
Germany suggested an economic "super-commissioner" – which could see a change in this position. That idea however was dropped but the Enterprise and Industry Commissioner was strengthened in response.
In October 2011 the position gained added responsibility for the euro, particularly eurozone
reform and bail outs, and was made a Vice President.
As Economic and Finance Commissioner; Robert Marjolin served in both Hallstein Commissions and Henning Christophersen served in all three Delors Commissions.
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
responsible for economic and financial affairs. The current Commissioner is Olli Rehn
Olli Rehn
Olli Ilmari Rehn is a Finnish politician, currently serving as European Commissioner for Economic and Financial Affairs. He had previously served as Commissioner for Enlargement...
(ELDR
European Liberal Democrat and Reform Party
The European Liberal Democrat and Reform Party is a European political party mainly active in the European Union, composed of 56 national-level liberal and liberal-democratic parties from across Europe...
).
Responsibilities
The post is responsible for the European Union's economic, financial and monetary affairs, often combined with similar portfolios. This position is highly important due to the weight the European Union has economically worldwide (See: Economy of the European UnionEconomy of the European Union
The economy of the European Union generates a GDP of over €12,279.033 billion according to the International Monetary Fund , making it the largest economy in the world...
). It has grown particularly with the late 2000s recession
Late 2000s recession
The late-2000s recession, sometimes referred to as the Great Recession or Lesser Depression or Long Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world...
and his now having to deal with getting the EU's public finances back into shape, as many members are breaking EU rules on budget deficits.
The DG responsible to the Commissioner is the Directorate-General for Economic and Financial Affairs
Directorate-General for Economic and Financial Affairs (European Commission)
The Directorate-General for Economic and Financial Affairs is a Directorate-General of the European Commission. The DG ECFIN is located in Brussels, Belgium, and Luxembourg...
, headed by Marco Buti.
There are a number of other economic-related Commissioner positions in the College;
- Industry and Entrepreneurship – currently Antonio TajaniAntonio TajaniAntonio Tajani is an Italian politician. He is the current European Commissioner for Industry and Entrepreneurship and has also been one of the five Vice-President of the European Commission since May 2008....
- Internal Market and Services – currently Michel BarnierMichel BarnierMichel Barnier is a French politician of the Union for a Popular Movement and Vice President of the European People's Party . He is the current European Commissioner for Internal Market and Services...
- Competition – currently Joaquín AlmuniaJoaquín AlmuniaJoaquín Almunia Amann is a Spanish politician and prominent member of the European Commission, currently responsible for Competition under the second mandate of President Barroso. He was previously responsible for Economic and Monetary Affairs in Barroso's previous mandate...
- TradeEuropean Commissioner for TradeThe European Commissioner for Trade is the member of the European Commission responsible for the European Union's common commercial policy...
– currently Karel De GuchtKarel De GuchtKarel Lodewijk Georgette Emmerence De Gucht is a Belgian politician who has been the European Commissioner for Trade since 2010... - Taxation and Customs Union, Audit and Anti-FraudEuropean Commissioner for Taxation and Customs Union, Audit and Anti-FraudThe Commissioner for Taxation and Customs Union, Audit and Anti-Fraud is the member of the European Commission. The current commissioner is Algirdas Šemeta. The post was previously divided prior to 2010, with audit being under control of the Commissioner for Administrative Affairs.The post is...
– currently Algirdas ŠemetaAlgirdas ŠemetaAlgirdas Gediminas Šemeta is a Lithuanian economist and the European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud. He has held this post since July 2009.... - Financial Programming and the Budget – currently Janusz LewandowskiJanusz LewandowskiJanusz Antoni Lewandowski is a Polish politician and economist belonging to the Gdansk liberals group, and a member of the Europea n Parliament , Chairman of the Committee on Budgets...
- EnergyEuropean Commissioner for EnergyThe Commissioner for Energy is a member of the European Commission. The current Commissioner is Günther Oettinger .-Responsibilities:The Commissioner holds responsibility for the European Union's energy policy as well as nuclear issues . It was previously a backwater in the Commission but has now...
– currently Günther OettingerGünther OettingerGünther Hermann Oettinger is a German politician of the Christian Democratic Union . He became European Commissioner for Energy in the European Commission on 10 February 2010 and is affiliated with the European People's Party... - Health and Consumer PolicyEuropean Commissioner for Health and Consumer PolicyThe Commissioner for Health and Consumer Policy is the member of the European Commission. The current Commissioner John Dalli. The portfolio is responsible for matters of public health, food safety, animal health, welfare and consumer affairs.-Kyprianou:...
– currently John DalliJohn DalliJohn Dalli is the European Commissioner for Health and Consumer Policy and a former Maltese politician who served as Cabinet Minister in various Maltese governments between 1987 and 2010.-Maltese politics:...
There have been suggestions from politicians such as Ségolène Royal
Ségolène Royal
Marie-Ségolène Royal , known as Ségolène Royal, is a French politician. She is the president of the Poitou-Charentes Regional Council, a former member of the National Assembly, a former government minister, and a prominent member of the French Socialist Party...
that there should be an economic government for the eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
, and at the start of the Barroso Commission
Barroso Commission
The Barroso Commission is the European Commission that has been in office since 22 November 2004 and is due to serve until 2014. Its president is José Manuel Barroso, who presides over 26 other commissioners...
Germany suggested an economic "super-commissioner" – which could see a change in this position. That idea however was dropped but the Enterprise and Industry Commissioner was strengthened in response.
In October 2011 the position gained added responsibility for the euro, particularly eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
reform and bail outs, and was made a Vice President.
List of commissioners
| Name | Country | Period | Commission | |
|---|---|---|---|---|
| 1 | Robert Marjolin Robert Marjolin Robert Marjolin was a French economist and politician involved in the formation of the European Economic Community.-Early life and education:... |
 Early Modern France |
1958–1967 | Hallstein Commission Hallstein Commission The Hallstein Commission is the European Commission that held office from 7 January 1958 to 30 June 1967. Its President was Walter Hallstein and held two separate mandates.-Work:... |
| 2 | Raymond Barre Raymond Barre Raymond Octave Joseph Barre was a French centre-right politician and economist. He was a Vice President of the European Commission and Commissioner for Economic and Financial Affairs under three Presidents and later served as Prime Minister under Valéry Giscard d'Estaing from 1976 until 1981... |
Early Modern France |
1967–1970 | Rey Commission Rey Commission The Rey Commission is the European Commission that held office from 2 July 1967 to 30 June 1970. Its President was Jean Rey.-Work:It was the first Commission of the merged European Communities. It was the successor to the Hallstein Commission and was succeeded by the Malfatti Commission... |
| 3 | Raymond Barre Raymond Barre Raymond Octave Joseph Barre was a French centre-right politician and economist. He was a Vice President of the European Commission and Commissioner for Economic and Financial Affairs under three Presidents and later served as Prime Minister under Valéry Giscard d'Estaing from 1976 until 1981... |
Early Modern France |
1970–1972 | Malfatti Commission Malfatti Commission The Malfatti Commission is the European Commission that held office from 1 July 1970 to 21 March 1972. Its President was Franco Maria Malfatti.- Work :... |
| 4 | Raymond Barre Raymond Barre Raymond Octave Joseph Barre was a French centre-right politician and economist. He was a Vice President of the European Commission and Commissioner for Economic and Financial Affairs under three Presidents and later served as Prime Minister under Valéry Giscard d'Estaing from 1976 until 1981... |
Early Modern France |
1972–1973 | Mansholt Commission Mansholt Commission The Mansholt Commission is the European Commission that held office from 22 March 1972 to 5 January 1973. Its President was Sicco Mansholt.- Work :It was the successor to the Malfatti Commission and was succeeded by the Ortoli Commission... |
| 5 | Wilhelm Haferkamp Wilhelm Haferkamp Wilhelm Haferkamp was a long time member of the European Commission. Born in Germany, he was a social democratic politician. He was appointed by to the Commission by the West German government in 1967. He served in a number of posts including Vice President until 1985... |
 West Germany |
1973–1977 | Ortoli Commission Ortoli Commission The Ortoli Commission is the European Commission that held office from 6 January 1973 to 5 January 1977. Its President was François-Xavier Ortoli.-Work:... |
| 6 | François-Xavier Ortoli François-Xavier Ortoli François-Xavier Ortoli was a French Gaullist politician and businessman. He served with the Free French Forces during World War II and was decorated with the Croix de guerre, Médaille militaire and Médaille de la Résistance... |
Early Modern France |
1977–1981 | Jenkins Commission Jenkins Commission (EU) The Jenkins Commission is the European Commission that held office from 6 January 1977 to 6 January 1981. Its President was Roy Jenkins.-Work:It was the successor to the Ortoli Commission and was succeeded by the Thorn Commission... |
| 7 | François-Xavier Ortoli François-Xavier Ortoli François-Xavier Ortoli was a French Gaullist politician and businessman. He served with the Free French Forces during World War II and was decorated with the Croix de guerre, Médaille militaire and Médaille de la Résistance... |
Early Modern France |
1981–1985 | Thorn Commission Thorn Commission The Thorn Commission was the European Commission that held office from 6 January 1981 until 5 January 1985. Its President was Gaston Thorn.-Work:... |
| 8 | Henning Christophersen Henning Christophersen Henning Christophersen is a Danish politician, a former vice-president of the European Commission , former leader of the Danish liberal party Venstre and former member of the European Convention.... |
 Denmark |
1985–1995 | Delors Commission Delors Commission The Delors Commission was the administration of Jacques Delors, the 8th President of the European Commission. Delors presided over the European Commission for three terms The Delors Commission was the administration of Jacques Delors, the 8th President of the European Commission. Delors presided... |
| 9 | Yves-Thibault de Silguy Yves-Thibault de Silguy Yves-Thibault de Silguy is a French and European politician, born in Rennes, France. He served in the Santer Commission and was in charge of Economic and Financial Affairs.-References:... |
Early Modern France |
1995–1999 | Santer Commission Santer Commission The Santer Commission was the European Commission in office between 23 January 1995 and 15 March 1999. The administration was led by Jacques Santer .... |
| 10 | Yves-Thibault de Silguy Yves-Thibault de Silguy Yves-Thibault de Silguy is a French and European politician, born in Rennes, France. He served in the Santer Commission and was in charge of Economic and Financial Affairs.-References:... |
Early Modern France |
1999 | Marín Commission Marín Commission The Marín Commission is an interim European Commission that served in office from 16 March 1999 to 12 September 1999. It consisted of its president, Manuel Marín, and the other commissioners.... |
| 11 | Pedro Solbes Pedro Solbes Pedro Solbes Mira is a Spanish economist. While independent in the sense of not affiliated to any party, his various ministerial roles in Spain have always been within Socialist Workers' Party cabinets... |
 Spain |
1999–2004 | Prodi Commission Prodi Commission The Prodi Commission was the European Commission in office between 1999 and 2004. The administration was led by former Italian Prime Minister Romano Prodi.-History:... |
| 12 | Joaquín Almunia Joaquín Almunia Joaquín Almunia Amann is a Spanish politician and prominent member of the European Commission, currently responsible for Competition under the second mandate of President Barroso. He was previously responsible for Economic and Monetary Affairs in Barroso's previous mandate... |
Spain |
2004 | Prodi Commission Prodi Commission The Prodi Commission was the European Commission in office between 1999 and 2004. The administration was led by former Italian Prime Minister Romano Prodi.-History:... |
| 13 | Siim Kallas Siim Kallas Siim Kallas is an Estonian politician, currently serving as European Commissioner for Transport. He is also one of five vice-presidents of the 27-member Barroso Commission... |
 Estonia |
2004 | Prodi Commission Prodi Commission The Prodi Commission was the European Commission in office between 1999 and 2004. The administration was led by former Italian Prime Minister Romano Prodi.-History:... |
| 14 | Joaquín Almunia Joaquín Almunia Joaquín Almunia Amann is a Spanish politician and prominent member of the European Commission, currently responsible for Competition under the second mandate of President Barroso. He was previously responsible for Economic and Monetary Affairs in Barroso's previous mandate... |
Spain |
2004–2010 | Barroso Commission Barroso Commission The Barroso Commission is the European Commission that has been in office since 22 November 2004 and is due to serve until 2014. Its president is José Manuel Barroso, who presides over 26 other commissioners... I |
| 15 | Olli Rehn Olli Rehn Olli Ilmari Rehn is a Finnish politician, currently serving as European Commissioner for Economic and Financial Affairs. He had previously served as Commissioner for Enlargement... |
 Finland |
2010 onwards | Barroso Commission Barroso Commission The Barroso Commission is the European Commission that has been in office since 22 November 2004 and is due to serve until 2014. Its president is José Manuel Barroso, who presides over 26 other commissioners... II |
As Economic and Finance Commissioner; Robert Marjolin served in both Hallstein Commissions and Henning Christophersen served in all three Delors Commissions.
See also
- Economy of the European UnionEconomy of the European UnionThe economy of the European Union generates a GDP of over €12,279.033 billion according to the International Monetary Fund , making it the largest economy in the world...
- EurozoneEurozoneThe eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
& Euro - European Central BankEuropean Central BankThe European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
- European Union BudgetEuropean Union BudgetThe European Union is a union of 27 member states. The Administration of the Union has a parliament, a civil service and a judiciary that is distinct from those of the member states. These arms administer the application of treaties, laws and agreements between the member states and their...
- OLAFOLAFThe European Anti-fraud Office is charged by the European Union with protecting the financial interests of the European Union: Its tasks are to fight fraud affecting the EU budget, as well as corruption and any other irregular activity, including misconduct, within the European Institutions, in an...
- European Court of AuditorsEuropean Court of AuditorsThe Court of Auditors is the fifth institution of the European Union . It was established in 1975 in Luxembourg to audit the accounts of EU institutions...
- Directorate-General for Economic and Financial AffairsDirectorate-General for Economic and Financial Affairs (European Commission)The Directorate-General for Economic and Financial Affairs is a Directorate-General of the European Commission. The DG ECFIN is located in Brussels, Belgium, and Luxembourg...