I see as positive the allocation of the economic and financial portfolio to former French finance minister Pierre Moscovici, who will have the responsibility to supervise the budgetary situation of the EU member states and apply the rules of the Stability and Growth Pact. 
The choice of a socialist commissioner for this job, in compliance with one the commitments taken by Juncker with the Socialist Group in the EP (S&D) to ensure its members’ support for his election as president of the Commission, opens at last a window of opportunity to change the disastrous austerity policies applied by many countries to deal with a crisis coming from the financial sector and which led Europe to the present deep economic and social crisis.

However, I fear that this opportunity for change may be undermined by Juncker’s decision to create two vice-presidencies with the responsibility to “steer and coordinate” the work of several commissioners – including Moscovici – in the economic and financial fields, and to give these jobs to two austerity hardliners, former Prime Ministers of Finland, Jyrki Katainen, and Latvia, Valdis Dombrovskis.

The toughness of the positions taken by both Katainen and Dombrovski in their former capacities, namely towards some of the countries under financial assistance, like Portugal and Greece, raises serious doubts about their willingness to operate the change of direction that the socialists call for.
Particularly worrying is the fact that the Commission’s vice-presidents will have, as Juncker himself stated, the right to “stop any initiative, including legislative initiatives” of the commissioners under their coordination.

I also consider very questionable the attribution of the crucial responsibility of the regulation of the financial markets to the British commissioner, Jonathan Hill, bearing in mind that the United Kingdom has the largest financial centre in Europe and is the stronger opponent, among the 28 members of the EU, to the regulation of the financial sector aiming to prevent the emergence of the problems at the origin of the present crisis.

I also question the decision to appoint for this job a commissioner coming from a non Euro member country at a time when the eurozone is working on the very ambitious project of the banking union, which concerns its members plus any other EU country interested in joining, which is not the case of the UK.

For all these reasons, and before I can make my mind about the new European Commission, I nedd a clarification of the responsibilities of all these commissioners and above all, clear guarantees that the priorities of the socialists will be contemplated in the new European agenda.
Nobody shoud forget that the support given in July by the socialists to the election of Juncker as Commission president is neither a blank check nor anticipates any kind of automatic favourable approval of his team.

The EP will assess the suitability and independence for the job of each of the members of the Juncker’s Commission during their individual auditions by the relevant parliamentary committees that will start at the end of September. At the end of this process, the plenary of the EP will vote on the whole of the Commission, probably on the 21rst of October.