Top Socialist MEPs say they have 'lost confidence and trust' in EU commissioner

Three senior Socialist MEPs say they have ‘lost confidence and trust’ in EU internal market commissioner Charlie McCreevy.

In a letter, they say the criticism follows the Irish official’s refusal to comply with parliament’s demands for the introduction of new regulation of the financial sector.

The letter, signed by MEPs Poul Nyrup Rasmussen, Martin Schulz and Pervenche Berès, was handed to commission president José Manuel Barroso in Strasbourg on Tuesday.

It outlines their dismay with McCreevy who, earlier this month, told MEPs the commission planned to launch a consultation process on hedge funds.

The deputies say this falls well short of a parliamentary resolution, adopted with cross-party support in the autumn, demanding regulation covering ‘all players’ in the financial world, including private equity firms.

The letter reads, “We are writing to express our dismay at the increasingly obvious fact that commissioner McCreevy is trying to avoid implementing the demands of parliament for regulation covering all financial players.”

It says this is contrary not only to the “will of parliament” but also ignores an assurance from Barroso himself and French president Nicolas Sarkozy that hedge funds and private equity would not escape regulation.

“To add to this insult, McCreevy now pleads with industry to help him avoid regulation, using inflammatory and insulting language about parliament or perhaps member state governments.”

The letter goes on, “We don’t need new consultations, we need concrete proposals and actions as parliament has requested.”

 “This is too much. Commissioner McCreevy’s actions demonstrate a total absence of respect for parliament, and appear to be more appropriate for a paid lobbyist of the finance industry than a European commissioner.

“His consultations are in our minds little more than time-wasting exercises embarked upon with the hope that they might provide further excuses for him not to carry out the will of parliament.

“We have lost trust and confidence in commissioner McCreevy. We ask you to ensure that the commission does come forward with proposals for regulation covering all financial players as demanded by the parliament.”

Rasmussen is a former Danish prime minister and president of the pan-European Party of European Socialists.

Schulz is leader of the Socialist group in parliament while Berès, a French MEP, chairs the influential economic and monetary affairs committee.

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