23 September 2021

POLITICO: EU ambassadors back German nominee for top finance job

Decision follows months of political infighting among EU capitals. German financial regulator Verena Ross on Wednesday won the backing of EU ambassadors to become the next chair of the European Securities and Markets Authority.

Ross, who previously held the No. 2 post at ESMA, triumphed in a secret ballot over Italy’s Carmine di Noia to become the preferred pick, three diplomats told POLITICO.

The decision, subsequently confirmed by the Council on Twitter, follows months of political infighting among EU capitals as Germany and Italy fought for their candidates.

ESMA has become increasingly powerful since its founding a decade ago, gaining direct oversight over some financial players and making its top job a prized posting.

The focus will now shift to the European Parliament, since MEPs must confirm the decision before Ross can be appointed. That process is expected to be smoother than in the Council: MEPs have previously expressed a preference for Ross’ candidacy in a push to get more women into top financial roles.

Ross’ appointment would make women 3-for-3 in the top EU financial posts that became available this year.

Dutch insurance supervisor Petra Hielkema and French markets regulator Natasha Cazenave have already started their jobs as chair of the European Insurance and Occupational Pensions Authority and executive director of ESMA, respectively.

© POLITICO